Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2014
Entity Registrant Name	Vipshop Holdings Ltd
Entity Central Index Key	0001529192
Document Type	20-F
Document Period End Date	Dec. 31, 2014
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Class A ordinary shares
Entity Common Stock, Shares Outstanding	98,028,314
Class B ordinary shares
Entity Common Stock, Shares Outstanding	16,510,358

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2014	Dec. 31, 2013
CURRENT ASSETS
Cash and cash equivalents	$ 772,128,894	$ 334,715,019
Restricted cash	64,526
Held-to-maturity securities (Note 6)	607,345,904	385,841,626
Accounts receivable, net (Note 4)	24,997,405	3,055,446
Amounts due from related parties (Note 21(a))	4,994,873	0
Other receivables (Note 5)	88,663,626	16,481,032
Inventories	578,329,704	270,126,305
Advance to suppliers	13,208,263	13,216,870
Prepaid expenses	3,440,660	2,384,801
Deferred tax assets (Note 18)	37,576,691	11,126,647
Total current assets	2,130,750,546	1,036,947,746
NON-CURRENT ASSETS
Property and equipment, net (Note 7)	308,070,304	24,299,418
Deposits for property and equipment	33,444,340	5,518,404
Prepaid land use right, net (Note 8)	13,214,473
Intangible assets, net (Note 9)	167,448,229	5,294,373
Investments in affiliates (Note 10)	46,318,890
Other investments	16,567,053
Other long-term assets	6,527,910
Goodwill (Note 11)	9,670,204
Total non-current assets	601,261,403	35,112,195
Total assets	2,732,011,949	1,072,059,941
CURRENT LIABILITIES
Accounts payable (Including accounts payable of the VIE without recourse to the Company of $ 70,026 and $ 1,207,182 as of December 31, 2013 and December 31, 2014, respectively)	986,567,345	476,847,881
Advance from customers (Including advance from customers of the VIE without recourse to the Company of $131,781,751 and $196,213,904 as of December 31, 2013 and December 31, 2014, respectively)	229,335,438	131,781,751
Accrued expenses and other current liabilities (Note 12) (Including accrued expenses and other current liabilities of the VIE without recourse to the Company of $ 101,097,647 and $ 152,160,878 as of December 31, 2013 and December 31, 2014, respectively)	377,261,330	196,327,519
Amounts due to related parties (Note 21(b)) (Including amounts due to related parties of the VIE without recourse to the Company of $1,369,767 and $464,773 as of December 31, 2013 and December 31, 2014, respectively)	12,214,227	2,141,411
Deferred income (Including deferred income of the VIE without recourse to the Company of $ 20,592,249 and $ 28,836,599 as of December 31, 2013 and December 31, 2014, respectively)	31,357,338	21,705,981
Total current liabilities	1,636,735,678	828,804,543
Deferred tax liability (Note 18)	39,115,580	11,126,647
Convertible senior notes (Note 14)	621,310,950	0
Total non-current liabilities	660,426,530
Total liabilities	2,297,162,208	828,804,543
COMMITMENTS AND CONTINGENCIES (Note 20)
EQUITY:
Additional paid-in capital	402,487,492	363,221,310
Retained earnings (deficit)	13,534,435	(123,725,472)
Accumulated other comprehensive income (loss)	(5,063,662)	3,748,393
Total Vipshop Holdings Limited shareholders' equity	410,969,719	243,255,398
Non-controlling interests	23,880,022
Total equity	434,849,741	243,255,398
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	2,732,011,949	1,072,059,941
Class A ordinary shares
EQUITY:
Ordinary shares	9,803	9,516
Class B ordinary shares
EQUITY:
Ordinary shares	$ 1,651	$ 1,651

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2014	Dec. 31, 2013
CURRENT LIABILITIES
Accounts payable of the VIE without recourse to the Company	$ 986,567,345	$ 476,847,881
Advance from customers of the VIE without recourse to the Company	229,335,438	131,781,751
Accrued expenses and other current liabilities of the VIE without recourse to the Company	377,261,330	196,327,519
Amounts due to related parties of the VIE without recourse to the Company	12,214,227	2,141,411
Deferred income of the VIE without recourse to the Company	31,357,338	21,705,981
Class A ordinary shares
EQUITY:
Common shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common shares, shares authorized	483,489,642	483,489,642
Common shares, shares issued	98,028,314	95,155,614
Common shares, shares outstanding	98,028,314	95,155,614
Class B ordinary shares
EQUITY:
Common shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common shares, shares authorized	16,510,358	16,510,358
Common shares, shares issued	16,510,358	16,510,358
Common shares, shares outstanding	16,510,358	16,510,358
Variable Interest Entity
CURRENT LIABILITIES
Accounts payable of the VIE without recourse to the Company	1,207,182	70,026
Advance from customers of the VIE without recourse to the Company	196,213,904	131,781,751
Accrued expenses and other current liabilities of the VIE without recourse to the Company	152,160,878	101,097,647
Amounts due to related parties of the VIE without recourse to the Company	464,773	1,369,767
Deferred income of the VIE without recourse to the Company	$ 28,836,599	$ 20,592,249

CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Product revenues	$ 3,701,183,875	$ 1,680,560,853	$ 690,057,249
Other revenues	72,473,670	16,111,882	2,055,715
Total net revenues	3,773,657,545	1,696,672,735	692,112,964
Cost of goods sold (including inventory written down of $12,166,659, $33,883,024 and $35,585,311 for the years ended December 31, 2012, 2013 and 2014, respectively)	(2,835,310,592)	(1,288,900,456)	(537,637,860)
Gross profit	938,346,953	407,772,279	154,475,104
Fulfillment expenses (including shipping and handling expenses of $53,897,805, $117,492,970 and $191,592,000 for the years ended December 31, 2012, 2013 and 2014, respectively) (Note 22(c))	(370,189,860)	(197,812,615)	(96,523,444)
Marketing expenses (Note 22(c))	(189,936,406)	(74,498,341)	(32,272,629)
Technology and content expenses (Note 22(c))	(109,476,531)	(40,399,276)	(14,644,113)
General and administrative expenses (Note 22(c))	(157,846,115)	(49,943,775)	(25,541,812)
Total operating expenses	(827,448,912)	(362,654,007)	(168,981,998)
Other income (Note 17)	25,122,023	8,708,487	2,563,321
(Loss) income from operations	136,020,064	53,826,759	(11,943,573)
Other non-operating income	3,312,033
Impairment loss of other investment	1,006,083	0	0
Interest expenses	(12,277,152)		(222,868)
Interest income	47,090,132	15,666,129	3,558,013
Exchange (loss) gain	(139,165)	1,356,766	(157,473)
(Loss) income before income taxes and share of loss of affiliates	172,999,829	70,849,654	(8,765,901)
Income tax expense (Note 18)	(39,978,145)	(18,549,791)	(706,173)
Share of loss of affiliates	(10,232,492)	0	0
Net (loss) income	122,789,192	52,299,863	(9,472,074)
Net loss attributable to noncontrolling interests	(14,470,715)
Net (loss) income attributable to Vipshop Holdings Limited's shareholders	137,259,907	52,299,863	(9,472,074)
Net earnings per ordinary share (Note 19)
Net (loss) income	122,789,192	52,299,863	(9,472,074)
Other comprehensive income (loss), net of tax of nil:
Foreign currency translation adjustments	(9,155,584)	3,518,820	994,606
Comprehensive (loss) income	113,633,608	55,818,683	(8,477,468)
Less: Comprehensive loss attributable to noncontrolling interests	(14,814,244)
Comprehensive (loss) income attributable to Vipshop Holdings Limited's shareholders	$ 128,447,852	$ 55,818,683	$ (8,477,468)
Class A ordinary shares
Shares used in calculating earnings per share:
- Basic (in shares)	96,800,324	92,452,279	72,338,848
- Diluted (in shares)	103,717,226	98,984,815	72,338,848
Net earnings per ordinary share (Note 19)
- Basic (in dollars per share)	$ 1.21	$ 0.48	$ (0.11)
- Diluted (in dollars per share)	$ 1.14	$ 0.45	$ (0.11)
Class B ordinary shares
Shares used in calculating earnings per share:
- Basic (in shares)	16,510,358	16,510,358	16,510,358
- Diluted (in shares)	16,510,358	16,510,358	16,510,358
Net earnings per ordinary share (Note 19)
- Basic (in dollars per share)	$ 1.21	$ 0.48	$ (0.11)
- Diluted (in dollars per share)	$ 1.14	$ 0.45	$ (0.11)

CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) (Parenthetical) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)
Inventory written down	$ 35,585,311	$ 33,883,024	$ 12,166,659
Shipping and handling expenses	191,592,000	117,492,970	53,897,805
Other comprehensive income (loss), tax	$ 0	$ 0	$ 0

- Definition

Cost incurred during the reporting period in transporting goods and services to customers. Includes freight-out costs.

+ References+ Details

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $)	Series A Preferred Shares Preferred shares USD ($)	Series A Preferred Shares Ordinary shares USD ($)	Series A Preferred Shares Additional paid-in capital USD ($)	Series B Preferred Shares Preferred shares USD ($)	Series B Preferred Shares Ordinary shares USD ($)	Series B Preferred Shares Additional paid-in capital USD ($)	Class A ordinary shares Ordinary shares USD ($)	Class A ordinary shares	Class B ordinary shares Ordinary shares USD ($)	Additional paid-in capital USD ($)	Retained earnings (deficit) USD ($)	Accumulated other comprehensive income (loss) USD ($)	Noncontrolling interest USD ($)	Total USD ($)
Balance at Dec. 31, 2011	$ 20,113,898			$ 41,147,021			$ 2,973		$ 1,651	$ 124,341,953	$ (166,553,261)	$ (765,033)		$ 18,289,202
Balance (in shares) at Dec. 31, 2011	20,212,500			8,166,667			29,724,301		16,510,358
Increase (Decrease) in Shareholders' Equity
Net income (loss)											(9,472,074)			(9,472,074)
Issuance of shares							2,201			66,020,596				66,022,797
Issuance of shares (in shares)							22,009,200
Direct offering expenses of follow-on offering										(3,332,962)				(3,332,962)
Conversion of Preferred Shares into ordinary shares	(20,113,898)	2,021	20,111,877	(41,147,021)	1,268	41,145,753
Conversion of Preferred Shares into ordinary shares (in shares)	(20,212,500)	20,212,500		(8,166,667)	12,682,206
Proceeds from registered capital contributions by shareholders of the VIE										2,292,763				2,292,763
Issuance of ordinary shares upon exercise of stock options							14			191,519				191,533
Issuance of ordinary shares upon exercise of stock options (in shares)							146,316							146,316
Issuance of ordinary shares upon vesting of shares awards (in shares)								0
Share-based compensation expenses										7,596,949				7,596,949
Foreign currency translation												994,606		994,606
Balance at Dec. 31, 2012							8,477		1,651	258,368,448	(176,025,335)	229,573		82,582,814
Balance (in shares) at Dec. 31, 2012							84,774,523		16,510,358
Increase (Decrease) in Shareholders' Equity
Net income (loss)											52,299,863			52,299,863
Issuance of shares							800			91,919,200				91,920,000
Issuance of shares (in shares)							8,000,000
Direct offering expenses of follow-on offering										(1,571,688)				(1,571,688)
Issuance of ordinary shares upon exercise of stock options							191			2,049,087				2,049,278
Issuance of ordinary shares upon exercise of stock options (in shares)							1,905,026							1,905,026
Issuance of ordinary shares upon vesting of shares awards							48							48
Issuance of ordinary shares upon vesting of shares awards (in shares)							476,065	476,065
Share-based compensation expenses										12,456,263				12,456,263
Foreign currency translation												3,518,820		3,518,820
Balance at Dec. 31, 2013							9,516		1,651	363,221,310	(123,725,472)	3,748,393		243,255,398
Balance (in shares) at Dec. 31, 2013							95,155,614		16,510,358
Increase (Decrease) in Shareholders' Equity
Net income (loss)											137,259,907		(14,470,715)	122,789,192
Issuance of ordinary shares upon exercise of stock options							188			1,786,441				1,786,629
Issuance of ordinary shares upon exercise of stock options (in shares)							1,883,977							1,883,977
Issuance of ordinary shares upon vesting of shares awards							99							99
Issuance of ordinary shares upon vesting of shares awards (in shares)							988,723	988,723
Share-based compensation expenses										36,790,447				36,790,447
Non-controlling interest arising from business combination													38,694,266	38,694,266
Other capital contribution										689,294				689,294
Foreign currency translation												(8,812,055)	(343,529)	(9,155,584)
Balance at Dec. 31, 2014							$ 9,803		$ 1,651	$ 402,487,492	$ 13,534,435	$ (5,063,662)	$ 23,880,022	$ 434,849,741
Balance (in shares) at Dec. 31, 2014							98,028,314		16,510,358

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
CASH FLOW FROM OPERATING ACTIVITIES:
Net (loss) income	$ 122,789,192	$ 52,299,863	$ (9,472,074)
Adjustments to reconcile net (loss) income to net cash by operating activities:
Allowance for doubtful debts	671,545	(31,090)
Prepaid expenses write-down		343,015	222,999
Inventory write-down	35,585,311	33,883,024	12,166,659
Depreciation of property and equipment	17,945,376	8,838,893	4,527,122
Amortization of intangible assets	40,328,316	229,456	4,801
Impairment loss on intangible assets	2,724,963
Loss on disposal of property and equipment	31,907	52,712	20,670
Share-based compensation expenses	36,790,447	12,456,263	7,596,949
Share of loss of affiliates	(10,232,492)	0	0
Impairment loss of other investment	1,006,083	0	0
Interest income on held-to-maturity securities	(19,278,368)	(4,256,810)	(1,026,325)
Amortization of debt issuance cost	4,303,481
Changes in operating assets and liabilities:
Accounts receivable	(21,941,959)	3,791,431	(2,866,381)
Amounts due from related parties	(4,994,873)	177,237	1,924,616
Other receivables	(64,912,801)	(6,512,714)	(583,406)
Inventories	(337,003,681)	(160,045,398)	(86,388,390)
Advances to suppliers	8,606	(3,789,748)	2,859,976
Prepaid expenses	(850,747)	(1,697,925)	390,318
Prepayment of operating lease	(13,214,473)
Deposit related to acquisition of land use right	(7,168,459)
Deferred tax assets	(26,450,044)	(11,126,647)
Accounts payable	448,569,630	283,392,054	105,435,451
Advance from customers	97,553,687	75,833,038	40,567,356
Accrued expenses and other current liabilities	179,536,879	143,651,077	26,009,941
Amounts due to related parties(note a)	3,026,275	805,655	(168,989)
Deferred income	9,651,357	8,788,414	10,347,912
Deferred tax liability	(9,279,689)
Net cash from operating activities	505,660,453	437,081,800	111,569,205
Cash flows used in investing activities:
Purchase of property and equipment	(256,027,300)	(22,248,981)	(12,379,386)
Purchase of other assets	(4,668,184)	(5,293,188)	(770)
Proceed from disposal of property and equipment		682,260	19,972
Decrease in restricted deposits			14,214,585
Purchase of held-to-maturity securities	(1,018,196,176)	(615,243,570)	(101,302,171)
Proceed from redemption of held-to-maturity securities upon maturities	809,201,909	321,208,517	16,231,306
Investment to affiliates and other investments	(74,773,712)
Acquisition of a subsidiary, net of cash acquired of nil, nil and $20,503 in 2012, 2013 and 2014, respectively	(112,500,000)
Prepayment for investment to an affiliate	(6,527,910)
Increase in entrusted loan	(671,545)
Increase in restricted cash	(64,526)
Net cash used in investing activities	(664,227,444)	(320,894,962)	(83,216,464)
Cash flows from financing activities:
Proceeds from bank borrowings	169,872,741
Repayment to bank borrowings	(169,872,741)		(12,710,720)
Capital contributions from non-controlling interests	1,214,769
Other capital contributions	689,294
Proceed from issuance of convertible notes	618,268,750
Issuance cost of convertible notes offering	(1,078,091)
Proceeds from issuance of ordinary shares in the offerings, net of issuance costs		90,348,312	62,689,835
Proceeds from issuance of ordinary shares upon exercise of stock options	1,786,728	2,049,326	191,533
Net cash provided by financing activities	620,881,450	92,397,638	50,170,648
Effect of exchange rate changes	(24,900,584)	1,657,914	994,462
Net increase in cash and cash equivalents	437,413,875	210,242,390	79,517,851
Cash and cash equivalents at beginning of the period	334,715,019	124,472,629	44,954,778
Cash and cash equivalents at end of the period	$ 772,128,894	$ 334,715,019	$ 124,472,629

Organization and principal activities

12 Months Ended

Dec. 31, 2014

Organization and principal activities

Organization and principal activities

1. Organization and principal activities

Vipshop Holdings Limited (the "Company") was incorporated in the Cayman Islands on August 27, 2010. Its subsidiaries and variable interest entities ("VIEs") operate an online platform that offers high-quality branded products to consumers in the People's Republic of China (the "PRC") through flash sales on its vipshop.com, vip.com and lefeng.com website. Flash sale represents a new 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. At the time of the Company's incorporation and through the date of the Reorganization as described below, the ownership interest of the Company was held by five individuals indirectly through their respective investment holding companies. These individuals are Mr. Eric Ya Shen ("Mr. Shen"), the Chairman and chief executive officer of the Company, Mr. Arthur Xiaobo Hong, the Vice Chairman of the Board of Directors of the Company (collectively, the "Founders"), and three other investors (the "Original Investors"). The Company, its subsidiaries and consolidated variable interest entities ("VIEs") are collectively referred to as the "Group".

Vipshop Information Technology Co., Ltd. ("Vipshop Information" or the "VIE") was incorporated in the PRC on August 22, 2008, to operate an online platform for sales of products. On the date of Reorganization, Vipshop Information are owned by the same five ultimate shareholders of the Company as described above, with the same respective percentage of ownership for each of the five ultimate shareholders.

To comply with PRC laws and regulations that restrict foreign owned enterprises from holding the licenses that are necessary for the operation of internet access, the distribution of online information and the conduct of online commerce, the Company entered into the following transactions (collectively, the "Reorganization").

On October 22, 2010, the Company incorporated a wholly owned subsidiary, Vipshop International Holdings Limited in Hong Kong ("Vipshop HK") as the intermediate holding company for Vipshop (China) Co., Ltd. (formerly known as Vipshop Information Computer Service Co. Ltd., the "WOFE"). The WOFE was incorporated on January 20, 2011 in the PRC as a wholly owned subsidiary of Vipshop HK with initial registered capital of RMB10 million (US$1.6 million). On the same day, the WOFE entered into series of agreements with Vipshop Information and each of its individual shareholders that are disclosed in the Note 2(b).

The Reorganization has been accounted for as a recapitalization because there was no control or collaborative group established before or after the Reorganization, and the assets and liabilities were recorded at their historical costs.

On June 24, 2014, the Company and Ovation have each designated a PRC citizen, namely, Mr. Eric Ya Shen by the Company and Mr. Zhihui Yu by Ovation, to be the nominee shareholders and established Shanghai Pinjian E-Commerce Co., Ltd., ("Lefeng Information") to carry out minimal online retail services at the current stage. Mr. Eric Ya Shen, the Company's co-founder, chairman and chief executive officer, holds 75% of the equity interest in Lefeng Information, and Mr. Zhihui Yu holds the remaining 25%. On the same day, Lefeng.com (Shanghai) Information Technology Co., Limited entered into series of agreements with Lefeng Information and each of its individual shareholders that are disclosed in the Note 2(b). The Company, its subsidiaries and variable interest entity are collectively referred to as the Group. Accordingly, the Group's consolidated financial statements for the periods presented have been prepared by including the financial statements of the Company, its subsidiaries and the VIEs.

As of December 31, 2014, the Company's significant consolidated subsidiaries and VIEs consist of the following:

Name	Date of incorporation	Place of incorporation	Percentage of shareholdings			Principal activities
Guangzhou Vipshop Information Technology Co., Ltd.("Vipshop Information" or the "VIE")	August 22, 2008	China		VIE		Online retail
Vipshop International Holdings Limited ("Vipshop HK")	October 22, 2010	Hong Kong		100	%	Investment holding
Vipshop (China) Co., Ltd.(the "WOFE")	January 20, 2011	China		100	%	Warehousing, logistics, procurement, research and development, consulting
Vipshop (Kunshan) E-Commerce Co., Ltd. ("Vipshop Kunshan")	August 2, 2011	China		100	%	Warehousing and logistics
Vipshop (Jianyang) E-Commerce Co., Ltd. ("Vipshop Jianyang")	February 22, 2012	China		100	%	Warehousing and logistics
Vipshop (Tianjin) E-Commerce Co., Ltd. ("Vipshop Tianjin")	July 31, 2012	China		100	%	Warehousing and logistics
Guangzhou Pinwei Software Co., Ltd. ("Pinwei Software")	December 6, 2012	China		100	%	Software development and information technology support
Vipshop (Zhuhai) E-Commerce Co., Ltd. ("Vipshop Zhuhai")	July 16, 2013	China		100	%	Warehousing and logistics
Vipshop (Hubei) E-Commerce Co., Ltd. ("Vipshop Hubei")	July 4, 2013	China		100	%	Warehousing and logistics
Chongqing Vipshop E-Commerce Co., Ltd. ("Vipshop Chongqing")	October 22, 2013	China		100	%	Warehousing and logistics
Lefeng.com Limited ("Lefeng.com")	December 30, 2013	Cayman		75	%	Investment holding
Lefeng.com (Shanghai) Information Technology Co., Limited ("Lefeng Shanghai")	August 30, 2013	China		75	%	Online retail

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References+ Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

(a) Basis of Presentation

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

(b) Principles of consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries and VIE for which it is deemed the primary beneficiary. All intercompany transactions, balances and unrealized profit and losses have been eliminated on consolidation.

The Company evaluates the need to consolidate its VIE in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support.

Details of certain key agreements entered into between the WOFE, Vipshop Information and each of its individual shareholders on January 20, 2011 are as follows:

Power of Attorney Agreements: Each equity holder of Vipshop Information irrevocably authorized the WOFE to exercise the rights related to their shareholdings, including attending shareholders' meetings and voting on their behalf on all matters, including but not limited to matters related to the transfer, pledge or disposition of their respective equity interests in Vipshop Information, and appointment of the executive directors and senior management of Vipshop Information. The WOFE has the right to appoint any individual or entity to exercise the power of attorney on its behalf. Each power of attorney will remain in effect until the shareholder ceases to hold any equity interest in Vipshop Information.

Exclusive Business Cooperation Agreement: The WOFE entered into an agreement with Vipshop Information to provide Vipshop Information with technical, consulting and other services. In considerations of these services, Vipshop Information shall pay the WOFE fees equal to 100% of its net income, the rate of service fees may be adjusted upon mutual discussions between the two parties. The WOFE is the exclusive provider of these services for a term of 10 years.

Equity Interest Pledge Agreements: Each equity holder of Vipshop Information pledged all their respective equity interests in Vipshop Information as security to ensure that Vipshop Information fully performs its obligations under the Exclusive Business Cooperation Agreement, and pays the consulting and service fees to the WOFE when the fees becomes due.

Exclusive Option Agreements: Each equity holder of Vipshop Information granted the WOFE an irrevocable and exclusive right to purchase, or designate one or more persons to purchase, their equity interest in Vipshop Information at the WOFE's sole and absolute discretion to the extent permitted by the PRC laws. The purchase price is 10 Renminbi ("RMB") (US$1.65); if appraisal is required by laws of the PRC at the time when the WOFE exercises the option, the parties shall negotiate in good faith, to make necessary adjustments to the purchase price based on the appraisal result to comply with applicable laws of the PRC.

On October 8, 2011, the WOFE entered into the following amended agreements with Vipshop Information and each of its individual shareholders to replace the respective original agreements entered into on January 20, 2011:

Amended and Restated Exclusive Business Cooperation Agreement: The WOFE entered into this agreement with Vipshop Information to provide Vipshop Information with technical, consulting and other services. This agreement replaced the original Exclusive Business Cooperation Agreement dated January 20, 2011. There was no significant change of terms from the original agreement except that the service fee to be paid by Vipshop Information to the WOFE in consideration of the services to be provided by the WOFE, shall equal to 100% of the net income of Vipshop Information, provided that the WOFE, at its sole discretion, shall have the right to adjust the rate of the service through written notice. The term of this agreement is ten years from the execution date of October 8, 2011 and may be extended for a period to be determined by the WOFE. The WOFE may terminate this agreement at any time by giving 30 days prior written notice. Vipshop Information has no right to terminate this agreement unless the WOFE commits gross negligence or fraud.

Amended and Restated Equity Interest Pledge Agreement: This agreement replaced the original Equity Interest Pledge Agreements entered into on January 20, 2011. There was no significant change of terms from the original agreement. The agreement will remain in effect until all of the obligations of Vipshop Information under the Amended and Restated Exclusive Business Cooperation Agreement have been duly performed or terminated.

Amended and Restated Exclusive Option Agreement: This agreement replaced the original Exclusive Option Agreement entered into on January 20, 2011. There was no significant change of terms from the original agreement. The term of this agreement is ten years from the execution date of October 8, 2011, which may be extended for a period to be determined by the WOFE.

Exclusive Purchase Framework Agreement: The WOFE and Vipshop Information entered into this agreement during the third quarter of fiscal 2011. Under this agreement, Vipshop Information agrees to purchase products or services exclusively from the WOFE or its subsidiaries. Vipshop Information and its subsidiaries must not purchase from any third party products or services which the WOFE is capable of providing. The term of this agreement is five years from September 1, 2011. If neither party objects in writing nor both parties remain cooperating at the expiration of the agreement, the parties will continue to be bound by this agreement until a new agreement is entered into. Vipshop Information must pay the WOFE for its products an amount, which includes a service fee, based on the unit price and the quantity of the products ordered by Vipshop Information. The WOFE may terminate this agreement at any time by giving 15 days' prior written notice. Vipshop Information has no right to terminate this agreement unless the WOFE commits gross negligence or fraud.

As explained in Note 1, at the time of the Company's incorporation and through the date of the Reorganization as described below, the ownership interest of the Company was held by five individuals indirectly through their respective investment holding companies.

In October 2012, the Company effected transfer of 10.4% of equity interest from one of the former shareholder of Vipshop Information to Mr. Shen, an existing shareholder of Vipshop Information, and amended the contractual arrangements the relevant entities had as explained above with Mr. Shen to reflect this transfer. As of December 31, 2012, shareholders of Vipshop Information include Mr. Shen, Mr. Arthur Xiaobo Hong, Mr. Bin Wu and Mr. Xing Peng, holding 52.0%, 26.0%, 11.6% and 10.4% of the total equity interests in Vipshop Information, respectively.

The Company participated significantly in the design of Vipshop Information. Based on the Equity Interest Pledge Agreements and the Amended and Restated Equity Pledge Agreements, the Exclusive Option Agreement and the Amended and Restated Exclusive Option Agreement, and the Power of Attorney Agreements dated January 20, 2011, which has not been subsequently amended, the Company has the ability to effectively control Vipshop Information through the WOFE. The Company is also able to receive a majority of the economic benefits of Vipshop Information, because of its ability to effectively determine the service fees payable by Vipshop Information to the WOFE under the Exclusive Business Cooperation Agreement and the Amended and Restated Exclusive Business Cooperation Agreement, and through the Exclusive Purchase Framework Agreement. Therefore, the Company has determined that it is the primary beneficiary of Vipshop Information and has consolidated its respective results for the periods presented.

The Company also has another set of contractual arrangements among the wholly owned Lefeng Shanghai, Lefeng Information, and shareholders of Lefeng Information, under which Lefeng Shanghai is the primary beneficiary of Lefeng Information and the Company consolidates Lefeng Information through Lefeng Shanghai. The contractual arrangements thereunder are substantially similar to the set with Vipshop Information described above.

Other than Vipshop Information and Lefeng Information, the Company has no interest in any other variable interest entities.

Risks in relation to the VIE structure

The Group believes that the VIE arrangements are in compliance with PRC law and are legally enforceable. The equity holders of the VIEs are also shareholders of the Company and therefore have no current interest in seeking to act contrary to the contractual arrangements. However, there are certain risks related to the VIE arrangements, which include but are not limited to the following:

•	If the Group's ownership structure, are found to be in violation of any existing or future PRC laws or regulations, the relevant governmental authorities, including the China Securities Regulatory Commission, would have broad discretion in dealing with such violation, including levying fines, confiscating its income or the income of the WOFE, Vipshop Information, Lefeng Shanghai, or Lefeng Information, revoking the business licenses or operating licenses of the WOFE, Vipshop Information, Lefeng Shanghai, or Lefeng Information, shutting down the Group's servers or blocking the Group's website, discontinuing or placing restrictions or onerous conditions on the Group's operations, requiring the Group to undergo a costly and disruptive restructuring, restricting or prohibiting the Group's use of various funding to finance its business and operations in China, and taking other regulatory or enforcement actions that could be harmful to the Group's business;
•	The Group relies on contractual arrangements with the VIEs and their equity holders for a majority all of their PRC operations, which may not be as effective as direct ownership in providing operational control;
•	The Group may have to incur significant cost to enforce, or may not be able to effectively enforce, the contractual arrangements with the VIEs and their equity holders in the event of a breach or non-compliance by the VIEs or their equity holders; and
•	Each of the shareholders of the VIEs is also a director of the Company, and has a duty of care and loyalty to the Company and its shareholders as a whole under Cayman Islands law. Under the contractual arrangements with the VIEs and their shareholders, (a) the Company may replace any such individual as a shareholder of the VIEs at the Company's discretion, and (b) each of these individuals has executed a power of attorney to appoint the WOFE or its designated third party to vote on their behalf and exercise shareholder rights of the VIE. However, the Company cannot assure that these individuals will act in the best interests of the Company should any conflicts of interest arise, or that any conflicts of interest will be resolved in the Company's favor. These individuals may breach or cause the VIE to breach the existing contractual arrangements. If the Company cannot resolve any conflicts of interest or disputes between the Company and any of these individuals, the Company would have to rely on legal proceedings, which may be expensive, time-consuming and disruptive to its operations. There is also substantial uncertainty as to the outcome of any such legal proceedings.

The financial information of the Company's VIEs and VIEs' subsidiaries, including total assets, total liabilities, total equity, net revenues, total operating expenses and net (loss) income attributable to the Company and after intercompany eliminations, are as follows:

	As of December 31,
	2013			2014
	$			$
Total assets		631,848,860			810,442,063
Current Liabilities:
Accounts payable		(70,026	)		(1,207,182	)
Advance from customers		(131,781,751	)		(196,213,904	)
Accrued expenses and other current liabilities		(101,097,647	)		(152,160,878	)
Amounts due to related parties		(1,369,767	)		(464,773	)
Deferred income		(20,592,249	)		(28,836,599	)

Total current liabilities		(254,911,440	)		(378,883,336	)

Total liabilities		(254,911,440	)		(378,883,336	)

Total equity		376,937,420			431,558,727

	Year ended December 31,
	2012			2013			2014
	$			$			$
Net revenues		691,975,575			1,694,782,751			3,066,493,585
Total operating expenses		(70,858,631	)		(204,766,265	)		(370,318,885	)
Net (loss) income		8,058,229			(1,946,318	)		26,586,960

There are no consolidated VIEs' assets that are collateral for the VIEs' obligations or are restricted solely to settle the VIEs' obligations. The Company has not provided any financial support that it was not previously contractually required to provide to the VIEs.

The preparation of financial statements in conformity with U.S. GAAP requires management of the Group to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting periods. Actual results may differ from these estimates. The Group's management based their estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Group's financial statements include inventory write-down, revenue recognition cut off adjustments and breakage rate on deferred revenue from the Group's reward program, valuation allowance for deferred tax assets, valuation of stock options, valuation of goodwill and intangible assets acquired in the business acquisitions both on the acquisition dates and at the time of impairment assessments. Changes in facts and circumstances may result in revised estimates.

(d) Cash and Cash Equivalents

Cash and cash equivalents consist of cash on hand, demand deposits and highly liquid investments with maturity of less than three months.

Cash and cash equivalents are placed with financial institutions with high-credit ratings and quality.

(e) Held-to-maturity securities

The Group invests in debt securities which have fixed maturity dates, pay a fixed return on the amount invested and early redemption of these securities is not allowed. The Group classifies these investments as held-to-maturity as it has both the positive intent and ability to hold them until maturity. Held-to-maturity securities are recorded at amortized cost and are classified as short-term, since their contractual maturity dates are less than one year.

(f) Inventories

Inventory is stated at the lower of cost or market. Cost of inventory is determined using the weighted average cost method. Adjustments are recorded to write down the cost of inventory to the estimated market value for slow-moving merchandise and damaged goods. The amount of write down is also dependent upon factors such as whether the goods are returnable to vendors, inventory aging, historical and forecasted consumer demand, and promotional environment.

The Group assesses the inventory write-down based on different product categories and applies a certain percentages based on aging. The Group classifies all goods into the following two categories: non-returnable goods and returnable goods. Non-returnable goods cannot be returned to suppliers and general inventory write-down of different percentages are applied to these goods within the different aging categories. These percentages were developed based on historical write-down on these different types of goods. In addition to general write-down, specific write-down will also be applied to non-returnable goods if assessed to be needed based on the factors mentioned above. Returnable goods will have no general write-down based on aging but specific write down will be made at the end of each reporting periods based on forecast sales, conditions of the goods and planned promotions.

Write downs are recorded in cost of goods sold in the consolidated statements of income (loss) and comprehensive income (loss).

(g) Property and Equipment

Property and equipment are stated at cost less accumulated depreciation and impairment losses. Gains or losses on dispositions of property and equipment are included in operating income (loss). Major additions, renewals and betterments are capitalized, while maintenance and repairs are expensed as incurred.

Depreciation and amortization are provided over the estimated useful lives of the assets using the straight-line method from the time the assets are placed in service. Estimated useful lives are as follows, taking into account the assets' estimated residual value:

Classification		Estimated useful life
Furniture, fixtures and equipment		2 to 3 years
Leasehold improvements		Shorter of lease term or the estimated useful life of lease improvements
Motor vehicles		5 years
Software		3 years

Direct and incremental costs related to the construction of assets, including costs under the construction contracts, duties and tariffs, equipment installation and shipping costs, are capitalized. Management estimates the residual value of its furniture, fixtures and equipment and motor vehicles to be 5%.

(h) Capitalization of interest

Interest and amortization of deferred financing costs incurred on funds used to construct the Group's warehouses during the active construction period are capitalized. Interest subject to capitalization primarily includes interest paid or payable on the Group's convertible senior notes due 2019 at interest of 1.5%. The capitalization of interest and amortization of deferred financing costs ceases once a project is substantially completed or development activity is suspended for more than a brief period. The amount to be capitalized is determined by applying the weighted average interest rate of the Group's outstanding borrowings to the average amount of accumulated capital expenditures for assets under construction during the year and is added to the cost of the underlying assets and amortized over their respective useful lives. Total interest expenses incurred amounted to nil, nil and $13,750,915, of which nil, nil and $1,473,763 were capitalized for the years ended December 31, 2012, 2013 and 2014, respectively.

(i) Prepaid land use rights

Prepaid land use rights represent amounts paid for the Company's lease for the use right of land located in Zhaoqing City of People's Republic of China ("PRC"). Amounts are charged to earnings ratably over the term of the lease of 50 years.

(j) Intangible assets, net

Acquired intangible assets mainly consist of domain name, customer relationship, non-compete agreements and trademarks acquired from third parties and from business combination.

Domain name and trademarks

Domain name and trademarks purchased from third parties are initially recorded at cost and amortized on a straight-line basis over the estimated economic lives of approximately two to three years.

Intangible assets arising from business combination

Identifiable intangibles assets are required to be determined separately from goodwill based on their fair values. In particular, an intangible asset acquired in a business combination should be recognized as an asset separate from goodwill if it satisfies either the "contractual-legal" or "separability" criterion. Intangible assets with a finite economic life are carried at cost less accumulated amortization. Amortization for identifiable intangibles assets are computed using the straight-line method over the intangible assets' economic lives. Intangible assets with indefinite economic lives are not amortized but carried at cost less any subsequent accumulated impairment losses. If an intangible asset that is not being amortized is subsequently determined to have a finite economic life, it will be tested for impairment and then amortized prospectively over its estimated remaining economic life and accounted for in the same manner as other intangible assets that are subject to amortization. Intangible assets with indefinite economic lives are tested for impairment annually or more frequently if events or changes in circumstances indicate that they might be impaired.

Estimated economic lives of the intangible assets are as follows:

Classification		Estimated useful life
Customer relationship		5 years
Trademarks		2 - 5 years
Non-compete agreement		3 years
Domain name		2 - 3 years

(k) Investment in affiliates

Affiliated companies are entities over which the Group has significant influence, but which it does not control. The Group generally considers an ownership interest of 20% or higher to represent significant influence.

Investments in affiliates are accounted for by the equity method of accounting. Under this method, the Group's share of the post-acquisition profits or losses of affiliated companies is recognized in the income statement and its shares of post-acquisition movements in other comprehensive income are recognized in other comprehensive income. Unrealized gains on transactions between the Group and its affiliated companies are eliminated to the extent of the Group's interest in the affiliated companies; unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When the Group's share of losses in an affiliated company equals or exceeds its interest in the affiliated company, the Company does not recognize further losses, unless the Group has incurred obligations or made payments on behalf of the affiliated company.

The Group is required to perform an impairment assessment of its investments whenever events or changes in business circumstances indicate that the carrying value of the investment may not be fully recoverable. An impairment loss is recorded when there has been a loss in value of the investment that is other than temporary. The Group has not recorded any impairment losses in any of the periods reported. As of December 31, 2013 and 2014, the Group determined that no such events were present.

(l) Other investments

Other investments represent investments in equity security of private companies which the Group owns equity interest of less than 20%, over which the Group exerts no significant influence and are measured initially at cost. The Group recorded impairments in the amount of nil, nil and $1,006,083 for the years ended December 31, 2012, 2013 and 2014, respectively.

(m) Impairment of long-lived assets (other than goodwill)

The Group evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When these events occur, the Group assesses the recoverability of these long-lived assets by comparing the carrying amount of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the future undiscounted cash flow is less than the carrying amount of the assets, the Group recognizes an impairment equal to the difference between the carrying amount and fair value of these assets. The Group recorded no impairment for the years ended December 31, 2012, 2013 and 2014, respectively.

(n) Goodwill

Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired in a business combination.

Goodwill is not depreciated or amortized but is tested for impairment on an annual basis as of December 31, and in between annual tests when an event occurs or circumstances change that could indicate that the asset might be impaired. In accordance with Accounting Standards Codification ("ASC") 350-20, a company first has the option to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the company decides, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the fair value of each reporting unit with its carrying amount, including goodwill. If the carrying amount of each reporting unit exceeds its fair value, an impairment loss equal to the difference between the implied fair value of the reporting unit's goodwill and the carrying amount of goodwill will be recorded.

Application of a goodwill impairment test requires significant management judgment, including the identification of the reporting unit of lefeng.com, assigning assets, liabilities and goodwill to each reporting unit, and determining the fair value of each reporting unit. The fair value of each reporting unit is determined by analysis of discounted cash flows. The significant assumptions regarding lefeng.com reporting unit's future operating performance are revenue growth rates, costs of goods and operating expenses growth rates, discount rates and terminal values. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit.

In 2014, management has conducted step 1 of the quantitative impairment test to compare the carrying value of the lefeng.com reporting unit, including assigned goodwill, to its respective fair value. The fair value of the lefeng.com reporting unit was estimated by using the income approach.

Based on the quantitative test, it was determined that the fair value of the reporting unit tested exceeded its carrying amount and, therefore, step two of the two-step goodwill impairment test was not required. The management concluded that goodwill was not impaired as of December 31, 2014.

(o) Business combinations and noncontrolling interests

The Group accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 "Business Combinations". The cost of an acquisition is measured as the aggregate of the acquisition date fair values of the assets transferred and liabilities incurred by the Group to the sellers and equity instruments issued. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any noncontrolling interests. The excess of (i) the total costs of acquisition, fair value of the noncontrolling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill.

For the Group's majority-owned subsidiaries and subsidiaries of a VIE, a noncontrolling interest is recognized to reflect the portion of their equity which is not attributable, directly or indirectly, to the Group. Consolidated net income (loss) on the consolidated statements of income (loss) includes the net income (loss) attributable to noncontrolling interests. The cumulative results of operations attributable to noncontrolling interests, are recorded as noncontrolling interests in the Group's consolidated balance sheets.

(p) Debt issuance costs and debt discounts

Debt issuance costs and debt discounts are amortized as interest expense, using the effective interest method, through the earlier of the maturity date of the Convertible Senior Notes or the date of conversion, if any. Debt issuance costs and debt discounts are recorded as a direct deduction from the face amount of Convertible Senior Notes.

(q) Revenue recognition

The Group recognizes revenue from the sale of apparel, fashion goods, cosmetics, home goods and lifestyle products and other merchandise through its online platforms, including its internet website and cellular phone application. The Group recognizes revenue when persuasive evidence of an arrangement exists, products are delivered, the price to the buyer is fixed or determinable and collectability is reasonably assured.

The Group utilizes delivery service providers to deliver goods to its customers directly from its own warehouses. The Group estimates and defers revenue and the related product costs for goods that are in-transit to the customers.

The Group offers customers with an unconditional right of return for a period of 7 and 45 days, respectively on sales from vip.com and lefeng.com platforms, upon receipt of products. The Group defers revenue from sales of vip.com platforms until the return period expires as the Group cannot reasonably estimate the amount of future returns. The Group recognizes revenue from sales of lefeng.com platforms when products are delivered to customers because historical returns on sales on lefeng.com are insignificant.

Revenue was recorded on a gross basis, net of surcharges and value added tax ("VAT") of 17% of gross sales. Surcharges are sales related taxes representing the City Maintenance and Construction Tax and Education Surtax. The Group recorded revenue on a gross basis because the Group has the following indicators for gross reporting: it is the primary obligor of the sales arrangements, is subject to inventory risks of physical loss, has latitude in establishing prices, has discretion in suppliers' selection and assumes credit risks on receivables from customers. The Group also retains some of general inventory risks despite its arrangements to return goods to some vendors within limited time periods.

Discount coupons membership reward program

The Group voluntarily provides discount coupons through certain co-operative websites or through public distributions during its marketing activities. These coupons are not related to prior purchases, and can only be utilized in conjunction with subsequent purchases on the Group's platforms. These discount coupons are recorded as reduction of revenues at the time of use. The Group has established a membership reward program wherein customers earn one point for one RMB of purchase made on the Group's platforms. Membership reward points can be either exchanged into coupons to be used in connection with subsequent purchases, or exchanged into free gifts. The expiry dates of these reward points vary based on different individual promotional programs, while the coupons expire three months after redemption. Prior to fiscal 2014, the Group accrued liabilities for the estimated value of the points earned and expected to be redeemed, which were based on all outstanding reward points related to prior purchases at the end of each reporting period, as it did not have sufficient historical data to reasonably estimate the usage rate of these reward points. Starting from 2014, the Group derecognized the deferred revenue liability and began to recognize revenue based on an estimated breakage rate as it has accumulated sufficient historical data to be able to reasonably estimate the usage rate of these reward points.

These liabilities reflect management's best estimate of the cost of future redemptions. As of December 31, 2013 and 2014, the Group recorded deferred revenue related to reward points earned from prior purchases of $18,814,448 and $27,593,250 respectively.

The Group does not charge any membership fees from its registered members. New members who register on the Group's platforms or existing members introducing new members to the Group's website will be granted free membership reward points, which can be used to redeem coupons for future purchases. These reward points are not related to prior purchases and are recorded as reduction of revenues at the time of use.

Amounts collected by delivery service providers but not yet remitted to the Group are classified as accounts receivable on the consolidated balance sheets. Payments received in advance of delivery and unused prepaid cards credits are classified as advances from customers. Revenues include fees charged to customers for shipping and handling expenses. The Company pays a fee to the delivery service provider and records such fee as shipping and handling expenses.

Other revenues

Other revenues consist of fees charged to third-party merchants which the Group provides platform access for sales of their products. The Group is not the primary obligor on these transactions, it does not bear the inventory risk, does not have the ability to establish prices and does not provide any fulfillment services as the goods are directly shipped from third-party merchants to end customers. Upon successful sales on the Group's platforms, the Group will charge the third-party merchants commission fees. Commission fees are recognized on a net basis at the point of sales of products, net of return allowance.

The Group conducts product promotion activities for certain brands on its website, including advanced and prominent placement of vendors' products on its website, and technical consultations services related to on-line advertising. These revenues are recognized on a straight-line basis over the service periods, net of business tax of approximately 5% of service revenues or 6% value-added tax, or VAT, in certain pilot locations as a result of the pilot VAT reform program.

The Group provides factoring services to some of its suppliers and recognizes interest revenues over the factoring periods.

(r) Cost of goods sold

Cost of goods sold consists primarily of cost of merchandise sold and inventory write-down. The amounts of inventory write-down were $12,166,659, $33,883,024 and $35,585,311 for the years ended December 31, 2012, 2013 and 2014, respectively. Cost of goods sold does not include fulfillment expenses, therefore the Group's cost of goods sold may not be comparable to other companies which include such expenses in their cost of goods sold.

(s) Fulfillment expenses

Fulfillment expenses primarily consist of payroll, bonus and benefits of logistics staff, logistics centers rental expenses, shipping and handling expenses and packaging expenses.

(t) Marketing expenses

Marketing expenses primarily consist of payroll, bonus and benefits of marketing staff, advertising costs, agency fees and costs for promotional materials.

Advertising expenses are charged to the statements of operations in the period incurred. The amounts of advertising expenses incurred were $29,332,178, $71,025,704 and $128,514,842 for the years ended December 31, 2012, 2013 and 2014, respectively.

(u) Technology and content expenses

Technology and content expenses primarily consist of payroll, bonus and benefits of the staff in the technology and system department, telecommunications expenses, model fees and photography expenses.

(v) General and administrative expenses

General and administrative expenses primarily consist of payroll, bonus and benefit costs for retail and corporate employees, legal, finance, information systems, rental expenses and other corporate overhead costs.

(w) Foreign Currency Transactions and Translations

The functional currency of the Company, Vipshop HK and Lefeng.com are the United States dollar ("US dollar"). The functional currency of all the other significant subsidiaries and the variable interest entity is RMB. Foreign currency denominated monetary assets and liabilities have been translated into the functional currency at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies have been translated into the functional currency at the applicable rates of exchange prevailing on the date transactions occurred. Transaction gains and losses are recognized in the consolidated statements of income (loss) and comprehensive income (loss).

The financial statements of the subsidiaries and the variable interest entity have been translated into US dollars for the purposes of consolidation. Assets and liabilities are translated into US dollars based on the rates of exchange existing on the balance sheet date. Equity accounts are translated at historical exchange rates. The statements of operations are translated using a weighted average rate for the period. Translation adjustments have been reported as a separate component of other comprehensive income.

The RMB is not a freely convertible currency. The PRC State Administration for Foreign Exchange, under the authority of the People's Bank of China, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China foreign exchange trading system market. The Group's cash and cash equivalents denominated in RMB amounted to $333,821,679 and $663,782,833 at December 31, 2013 and 2014, respectively.

(x) Income Taxes

Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. As part of the process of preparing financial statements, the Group is required to estimate its income taxes in each of the jurisdictions in which it operates. The Group accounts for income taxes using the liability method. Under this method, deferred income taxes are recognized for tax consequences in future years of differences between the tax bases of assets and liabilities and their reported amounts in the financial statements at each year-end and tax loss carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates applicable for the differences that are expected to affect taxable income. Deferred tax assets are reduced by a valuation allowance when, based upon the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

(y) Value added taxes

The Company's PRC subsidiaries are subject to VAT at a rate of 17% on proceeds received from customers, and are entitled to a refund for VAT already paid or borne on the goods purchased by it and utilized in the production of goods that have generated the gross sales proceeds. The VAT balance is recorded either in other current liabilities or other current receivables on the consolidated balance sheets.

(z) Comprehensive income (loss)

Comprehensive income (loss) is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. During the periods presented, comprehensive income (loss) is reported in the consolidated statements of income (loss) and comprehensive income (loss), and other comprehensive income (loss) includes foreign currency translation adjustments.

(aa) Concentration of credit risk

Financial instruments that potentially expose the Group to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, accounts receivable, held-to-maturity securities, amounts due from related parties, other receivables and advances to suppliers. The Group places its cash and cash equivalents, restricted cash and held-to-maturity securities with financial institutions with high-credit ratings and quality. Accounts receivable primarily comprise of amounts receivable from product delivery service providers. These amounts are collected from customers by the service providers when products are delivered. The principal amounts of all held-to-maturity securities are guaranteed by the issuers. The Group conducts a credit evaluation of these service providers and generally requires a small amount of security deposit. Amounts due from related parties are prepayments related to purchases of goods from the entities controlled by shareholders of the Company. Due to the nature of the relationship, the Company considers there to be no collection risks in regard to amounts due from related parties. With respect to advances to product suppliers, the Group performs on-going credit evaluations of the financial condition of its suppliers. The Group establishes an allowance for doubtful accounts based upon estimates, factors surrounding the credit risk of specific delivery service providers and other information.

(ab) Fair value of financial instruments

Fair value is considered to be the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. The established fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs may be used to measure fair value include:

Level 1		applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2		applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3		applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The carrying values of the Group's financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, other receivables, accounts payable, other current liabilities, amounts due from and to related parties, approximate their fair values. The estimated fair value of convertible senior notes as of December 31, 2013 and 2014 were approximately nil and $756,982,325, respectively, as compared to its carrying value of nil and $621,310,950, respectively. Fair value was estimated using quoted market prices and represented a level 1 measurement. The Group does not have assets or liabilities measured at fair value on a recurring basis in periods subsequent to their initial recognition during the periods presented.

(ac) Operating leases

Leases where substantially all the rewards and risks of ownership of assets remain with the leasing company are accounted for as operating leases. Other leases are accounted for as capital leases. Payments made under operating leases, net of any incentives received by the Group from the leasing company, are charged to the statements of operations on a straight-line basis over the lease periods.

(ad) Share-based Compensation

Employee share-based compensation

Share-based payments made to employees, including employee stock options, and non-vested shares issued to employees which the Company has a repurchase option, are recognized as compensation expenses over the requisite service periods. The Group measures the cost of employee services received in exchange for share-based compensation at the grant date fair value of the awards. The Company has elected to recognize compensation expense on a straight-line basis over the requisite service period for the entire award with graded vesting provided that the amount of compensation cost recognized at any date must at least equal the portion of the grant-date value of the award that is vested at that date. The estimate of forfeitures will be adjusted over the requisite service period to the extent that actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures will be recognized through a cumulative catch-up adjustment in the period of change and will also impact the amount of share-based compensation expense to be recognized in future periods.

Modification of equity awards

The Group treated a modification of the terms or conditions of an equity award as an exchange of the original award for a new award. The incremental compensation cost as an effect of a modification is measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before its terms are modified, measured based on the share price and other pertinent factors at that date. Total recognized compensation cost for an equity award shall at least equal the fair value of the award at the grant date unless at the date of the modification the performance or service conditions of the original award are not expected to be satisfied. Thus, the total compensation cost measured at the date of a modification shall be the sum of the portion of the grant-date fair value of the original award for which the requisite service is expected to be rendered (or has already been rendered) at that date, and the incremental cost resulting from the modification. The Group records the incremental fair value of the modified award, as compensation cost on the date of modification for vested awards, or over the remaining service period for unvested awards.

Non-employee share-based compensation

Share-based compensation made to non-employees are recognized as compensation expenses ratably over the requisite service periods. The Group measures the cost of non-employee services received in exchange for share-based compensation based on the fair value of the equity instruments issued. The Group measures the fair value of the equity instruments in these transactions using the stock price and other measurement assumptions on the measurement date, which is determined as the earlier of the date at which a commitment for performance by the counterparty to earn the equity instruments is reached, or the date at which the counterparty's performance is complete.

As the quantity and terms of the equity instruments issued to non-employees are known up front, the Group recognizes the cost incurred during financial reporting periods before the measurement date. The Group measures the equity instruments at their then-current fair values at each of the financial reporting dates, and attributes the changes in those fair values over the future services period until the measurement date has been established.

(ae) Series A & B Convertible Preferred Shares

The Series A convertible preferred shares ("Series A Preferred Shares") and the Series B convertible preferred shares ("Series B Preferred Shares") are non-redeemable and classified as permanent equity and have been initially recorded at their fair value upon issuance.

In March 2012, upon the completion of the Company's initial public offering, all Series A Preferred Shares and Series B Preferred Shares were automatically converted into ordinary shares.

(af) Earnings (loss) per share

Basic earnings (loss) per share are computed by dividing net earnings (loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into ordinary shares.

(ag) Recent Changes in Accounting Standards

In May 2014, the Financial Accounting Standards Board ("FASB") issued a new pronouncement which affects any entity using U.S. GAAP that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (e.g., insurance contracts or lease contracts). This Accounting Standards Updates ("ASU") will supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. This ASU also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition—Construction-Type and Production-Type Contracts. In addition, the existing requirements for the recognition of a gain or loss on the transfer of nonfinancial assets that are not in a contract with a customer (e.g., assets within the scope of Topic 360, Property, Plant, and Equipment, and intangible assets within the scope of Topic 350, Intangibles—Goodwill and Other) are amended to be consistent with the guidance on recognition and measurement (including the constraint on revenue) in this ASU.

The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps:

•	Step 1: Identify the contract(s) with a customer.
•	Step 2: Identify the performance obligations in the contract.
•	Step 3: Determine the transaction price.
•	Step 4: Allocate the transaction price to the performance obligations in the contract.
•	Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.

For a public entity, the amendments in this ASU are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. An entity should apply the amendments in this ASU using one of the following two methods:

1. Retrospectively to each prior reporting period presented and the entity may elect any of the following practical expedients:

•	For completed contracts, an entity need not restate contracts that begin and end within the same annual reporting period.
•	For completed contracts that have variable consideration, an entity may use the transaction price at the date the contract was completed rather than estimating variable consideration amounts in the comparative reporting periods.
•	For all reporting periods presented before the date of initial application, an entity need not disclose the amount of the transaction price allocated to remaining performance obligations and an explanation of when the entity expects to recognize that amount as revenue.

2. Retrospectively with the cumulative effect of initially applying this ASU recognized at the date of initial application. If an entity elects this transition method it also should provide the additional disclosures in reporting periods that include the date of initial application of:

•	The amount by which each financial statement line item is affected in the current reporting period by the application of this ASU as compared to the guidance that was in effect before the change.
•	An explanation of the reasons for significant changes.

The Group will need to conduct a detailed review before the management can determine if the adoption of this ASU will have a material impact on its consolidated financial results or disclosures.

In June 2014, the FASB issued a new pronouncement which requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718, Compensation—Stock Compensation, as it relates to awards with performance conditions that affect vesting to account for such awards. The performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved.

The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted.

Entities may apply the amendments in this ASU either: (a) prospectively to all awards granted or modified after the effective date; or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. If retrospective transition is adopted, the cumulative effect of applying this ASU as of the beginning of the earliest annual period presented in the financial statements should be recognized as an adjustment to the opening retained earnings balance at that date. In addition, if retrospective transition is adopted, an entity may use hindsight in measuring and recognizing the compensation cost. The adoption of this ASU is not expected to have a material impact on the Group's consolidated financial results or disclosures.

In January 2015, the FASB issued a new pronouncement which eliminates from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement—Extraordinary and Unusual Items, required that an entity separately classify, present, and disclose extraordinary events and transactions. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item.

If an event or transaction meets the criteria for extraordinary classification, an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. The entity also is required to disclose applicable income taxes and either present or disclose earnings-per-share data applicable to the extraordinary item.

The FASB heard from stakeholders that the concept of extraordinary items causes uncertainty because it is unclear when an item should be considered both unusual and infrequent. Additionally, some stakeholders said that although users find information about unusual or infrequent events and transactions useful, they do not find the extraordinary item classification and presentation necessary to identify those events and transactions. Other stakeholders noted that it is extremely rare in current practice for a transaction or event to meet the requirements to be presented as an extraordinary item.

The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The adoption of this ASU is not expected to have a material impact on the Group's consolidated financial results or disclosures.

Significant acquisition and equity transactions

12 Months Ended

Dec. 31, 2014

Significant acquisition and equity transactions

Significant acquisition and equity transactions

3. Significant acquisition and equity transactions

(a) Acquisition of Lefeng.com

On February 14, 2014, the Group acquired a 75% equity interest of Lefeng.com from Ovation Entertainment Limited ("Ovation"). Lefeng.com owns and operates the online retail business conducted through lefeng.com, an online retail website specialized in selling cosmetics and fashion products in China. The total consideration paid by the Group for the acquisition was approximately $112,500,000 in cash. The acquisition cost amounted to $505,780 was recorded in general and administrative expenses when it incurred. The main purpose of the acquisition is to enlarge the Group's share of the cosmetics market, and in the meantime to attract more customers by expanding categories.

The acquisition had been accounted for as a business combination and the results of operations of Lefeng.com from the acquisition date have been included in the Group's consolidated financial statements. The Group made estimates and judgments in determining the fair value of acquired assets and liabilities, based on an independent valuation report and management's experiences with similar assets and liabilities. The following table summarizes the estimated fair values for major classes of assets acquired and liabilities assumed at the date of acquisition:

	USD			Weighted average amortization period at the acquisition date (in years)
Working capital, net		(2,373,779	)
Liabilities assumed		(19,971,405	)
Net tangible assets acquired		6,596,403
Intangible assets		204,301,585
Including: Customer Relationships		48,391,371			5
Trademarks		144,430,367			5
Non-compete agreement		11,479,847			3
Goodwill		9,821,962
Deferred tax liabilities		(48,395,269	)
Noncontrolling interest		(37,479,497	)

Total consideration		112,500,000

Goodwill primarily represents the expected synergies from combining with the operations of the Group. The excess of purchase price over net tangible assets and identifiable intangible assets acquired were recorded as goodwill. Goodwill is not expected to be deductible for tax purposes.

Based on the assessment of the acquired companies' financial performance made by the Group, acquired company including its subsidiary is not considered material to the consolidated results of operations. Thus pro forma results of operations for these acquisitions as well as the results of operations since the date of acquisition to the period end have not been presented.

(b) Investment in affiliates

On February 21, 2014, the Group acquired a 23% equity interest in Ovation for a total consideration of approximately $55,776,955 pursuant to a share purchase and subscription agreement with Ovation and certain of its existing shareholders. The Group has significant influence on Ovation and thus applied the equity method of accounting (refer to note 10 for details).

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

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+ Details

Accounts Receivable

12 Months Ended

Dec. 31, 2014

Accounts Receivable.

Accounts Receivable

4. Accounts Receivable

	As of December 31,
	2013		2014
	$		$
Components of accounts receivable are as follows:
Delivery service providers(a)		573,085		5,426,784
Other trade receivables(b)		2,482,325		18,317,410
Other customers		36		1,253,211

Total		3,055,446		24,997,405

Customers that represent more than 10% of accounts receivable are as follows:

	As of December 31
	2013			2014
Lending to supplier A		32	%		12	%
Lending to supplier B		15	%		10	%

Note	a: For certain sales transactions, delivery service providers will collect payments from the Group's customers upon delivery of goods, and remit such payments back to the Group on a periodic basis.
Note	b: The Company provides lending to some of its suppliers, and record corresponding accounts receivables as it keeps the right of recourse.

Other Receivables

12 Months Ended

Dec. 31, 2014

Other Receivables

Other Receivables

5. Other Receivables

	As of December 31
	2013		2014
	$		$
Components of other receivables are as follows:
Deposits (Note)		6,434,449		20,489,690
Cash advanced to staff		684,106		1,446,069
VAT receivable		8,395,774		58,378,785
Interest receivable		450,376		8,108,943
Other		516,327		240,139

Total		16,481,032		88,663,626

Note:

Deposits consist of amounts paid to vendors for advertising and rentals.

Held-to-maturity securities	12 Months Ended
Held-to-maturity securities	Dec. 31, 2014
Held-to-maturity securities
Held-to-maturity securities	6. Held-to-maturity Securities As of December 31, 2013 and 2014, the Group's held-to-maturity securities consist of debt securities carried at amortized cost of $385,841,626 and $607,345,904 respectively, which approximate the aggregate fair value. All of these securities mature within one year and are classified as current asset. The amount of unrealized holding gain as of December 31, 2013 and 2014 was $4,256,810 and $8,193,662 respectively. There has been no impairment recognized and no sales of any held-to-maturity securities before maturities during the periods presented.

- Definition

The entire disclosure for investments in certain debt and equity securities.

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+ Details

Property and Equipment, Net

12 Months Ended

Dec. 31, 2014

Property and Equipment, Net

Property and Equipment, Net

7. Property and Equipment, Net

	As of December 31
	2013			2014
	$			$
Cost
Furniture, fixtures and equipment		27,332,339			76,039,704
Leasehold improvements		6,331,139			19,438,406
Motor vehicles and software		6,123,775			10,372,408
Construction in process		—			235,652,997

Sub-total		39,787,253			341,503,515
Less: accumulated depreciation		(15,487,835	)		(33,433,211	)

Property and equipment, net		24,299,418			308,070,304

	Year ended December 31,
	2012		2013		2014
	$		$		$
Depreciation expenses were charged to:
Fulfillment expenses		2,265,757		3,167,289		4,671,695
Marketing expenses		6,648		17,127		374,149
Technology and content expenses		1,634,180		3,442,934		10,648,715
General and administrative expenses		620,537		2,211,543		2,250,817

Total		4,527,122		8,838,893		17,945,376

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details

Prepaid land use rights

12 Months Ended

Dec. 31, 2014

Prepaid land use rights

Prepaid land use rights

8. Prepaid land use rights

	As of December 31
	2013		2014
	$		$
Land in Zhaoqing City		—		13,214,473

Prepaid land use rights		—		13,214,473

The expiry date of the land use rights is October 2064. Expenses changed were nil, nil and $111,046 for the years ended December 31, 2012, 2013 and 2014, respectively.

Intangible assets, net

12 Months Ended

Dec. 31, 2014

Intangible assets, net.

Intangible assets, net

9. Intangible assets, net

	As of December 31
	2013			2014
	$			$
Cost
Domain names		2,027,338			2,325,473
Customer Relationships		—			48,391,370
Trademarks		—			144,445,033
Non-compete agreement		—			11,479,848
Others		3,495,469			4,088,219

Intangible assets, cost		5,522,807			210,729,943
Less: Accumulated amortization		(228,434	)		(40,556,751	)
Less: Impairment of intangible asset (note)		—			(2,724,963	)

Intangible assets, net		5,294,373			167,448,229

Note:

The Group reassessed that the future undiscounted cash flow of certain trademarks is less than the carrying amount of the assets, impairment was recognized.

Amortization expenses for intangible assets were $4,801, $229,456 and $40,328,316 for the years ended December 31, 2012, 2013 and 2014, respectively. The Group expects to record amortization expenses of $42,790,451, $42,790,451, $39,225,535, $38,469,296 and $4,172,496 for the years ending December 31, 2015, 2016, 2017, 2018 and 2019, respectively.

Investment in affiliates

12 Months Ended

Dec. 31, 2014

Investment in affiliates

Investment in affiliates

10. Investment in affiliates

As of December 31, 2014, investments in affiliates represent (i) 23% equity interest in Ovation which is a BVI company that engages in research and development, and distribution of beauty products and production and publication of TV programme, (ii) 37.5% equity interest in Beijing Explink Information Technology Co., Ltd. ("Explink") which is a PRC registered company that provides information system and software products and (iii) 30% equity interest in a PRC registered company that provides logistic service. All these investments are acquired in 2014 by cash.

During the years ended December 31, 2012, 2013 and 2014, the Group recognized its share of loss of affiliates with regard to Ovation, Explink and Zhengzhou Andaxin in the amount of nil, nil and $10,232,492 respectively.

Investment as of December 31, 2013 and 2014 were as follows:

	As of December 31
	2014
	$
Ovation		45,005,933
Explink		485,668
A PRC logistic company		827,289

Total		46,318,890

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

+ References+ Details

Goodwill

12 Months Ended

Dec. 31, 2014

Goodwill

Goodwill

11. Goodwill

The movements in carrying amount of goodwill by the reportable unit of Lefeng.com are as follows:

	Lefeng.com
	$
Balance as of January 1, 2013 and December 31, 2013		—
Addition for acquisitions		9,670,204

Balance as of December 31, 2014		9,670,204

The Group performed the annual impairment analysis as of the balance sheet date. There has been no impairment recognized during the periods presented.

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2014

Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities

12. Accrued Expenses and Other Current Liabilities

	As of December 31,
	2013		2014
	$		$
Accrued advertising expense		15,062,381		30,101,200
Accrued shipping and handling expenses		54,614,837		92,487,255
Accrued payroll		21,224,480		52,720,736
Social benefit provision		2,954,756		4,417,250
Deposits from delivery service providers		10,311,553		12,175,914
Other tax payable		5,018,107		17,206,359
Income tax payable		15,341,849		16,502,287
VAT tax payable		24,073,083		55,724,881
Accrued rental expenses		3,557,804		6,258,045
Accrued administrative expenses		8,679,322		5,222,956
Amounts received on behalf of third-party merchants (Note)		34,720,189		72,023,368
Interest payable		—		2,803,975
Others		769,158		9,617,104

Total		196,327,519		377,261,330

Note:

Amounts relate to the cash collected on behalf of third-party merchants which the Company provides platform access for sales of their products.

Employee Retirement Benefit	12 Months Ended
Employee Retirement Benefit	Dec. 31, 2014
Employee Retirement Benefit
Employee Retirement Benefit	13. Employee Retirement Benefit Full time employees in the PRC participate in a government-mandated defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. PRC labor regulations require the Group to make contributions based on certain percentages of the employees' basic salaries. Other than the contribution, there is no further obligation under these plans. The total contributions and accruals made for such employee benefits was $5,280,299, $11,364,237 and $32,105,160 for the years ended December 31, 2012, 2013 and 2014, respectively.

Convertible Senior Notes	12 Months Ended
Convertible Senior Notes	Dec. 31, 2014
Convertible Senior Notes.
Convertible Senior Notes	14. Convertible Senior Notes On March 17, 2014, the Company issued $632,500,000 in aggregate principal amount of 1.5% Convertible Senior Notes due 2019 (the "Notes"). The Notes can be converted into the Company's ADSs, each representing 1/5 ordinary share of the Company, par value $0.001 per share (the "ordinary shares"), at the option of the holders, based on an initial conversion rate of 49.693 of the Company's ADSs (4.9693 ADSs before the ADS ratio change effective November 3, 2014) per $1,000 principal amount of Notes ($20.124 per ADS, or $201.24 per ADSs before the ADS ratio change). Holders of the Notes will have the right to require the Company to repurchase for cash all or part of their Notes on March 15, 2017 or upon the occurrence of certain fundamental changes at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date. The Notes will bear interest at a rate of 1.5% per year, payable semiannually in arrears on March 15 and September 15 of each year, beginning on September 15, 2014. The Notes will mature on March 15, 2019, unless previously repurchased or converted in accordance with their terms prior to such date. The net proceeds from the Notes offering were $617,190,659, after deducting discounts to the initial purchaser of $14,231,250 and debt issuance costs of $1,078,091. Debt issuance costs and underwriting discounts and commission are recorded as a direct deduction from the face amount of Convertible Senior Notes, and amortized as interest expenses, using the effective interest method, from issuance date to the first put date of the Notes (March 15, 2017). The Company recorded the Notes as a liability in their entirety, and the conversion feature or any other feature does not need to be bifurcated and accounted for separately. As of December 31, 2014, none of the Notes had been converted yet.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

Distribution of Profit	12 Months Ended
Distribution of Profit	Dec. 31, 2014
Distribution of Profit
Distribution of Profit	15. Distribution of Profit Pursuant to laws applicable to entities incorporated in the PRC, the PRC subsidiaries are prohibited from distributing their statutory capital and are required to appropriate from PRC GAAP profit after tax to other non-distributable reserve funds after offsetting accumulated losses from prior years, until the cumulative amount of such reserve fund reaches 50% of their registered capital. These reserve funds include one or more of the following: (i) a general reserve, (ii) an enterprise expansion fund and (iii) a staff bonus and welfare fund. Subject to certain cumulative limits, the general reserve fund requires annual appropriation at 10% of after tax profit (as determined under accounting principles generally accepted in the PRC at each year-end); the appropriation to the other fund are at the discretion of the subsidiaries. The general reserve is used to offset future extraordinary losses. A subsidiary may, upon a resolution passed by the shareholders, convert the general reserve into capital. The staff welfare and bonus reserve is used for the collective welfare of the employees of the subsidiary. The enterprise expansion reserve is for the expansion of the subsidiary's operations and can be converted to capital subject to approval by the relevant authorities. These reserves represent appropriations of the retained earnings determined in accordance with Chinese law, and are not distributable as cash dividends to the Group. Relevant PRC statutory laws and regulations permit payment of dividends by the Company's PRC subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The Company's PRC subsidiaries transferred $266,478, $8,985,792 and $22,155,945 to general reserve during the years ended December 31, 2012, 2013 and 2014, respectively. The balance of restricted net assets was $153,829,188 and $183,829,188 of which $3,829,188 and $3,829,188 was attributed to the net assets of the VIE and $150,000,000 and $180,000,000 was attributed to the paid in capital of the WOFE, as of December 31, 2013 and 2014, respectively.

Capital Structure	12 Months Ended
Capital Structure	Dec. 31, 2014
Capital Structure
Capital Structure	16. Capital Structure Initial public offering In March 2012, upon the completion of the Company's initial public offering, all Series A Preferred Shares and Series B Preferred Shares issued in 2011 were automatically converted into 20,212,500 and 12,682,206 ordinary shares respectively. In addition, as part of the initial public offering, the Company issued 22,009,200 ordinary shares. The gross proceeds received were US$66,022,797 and the related issuance costs were US$3,332,962. Follow-on offering In March 2013, the Group completed its follow-on public offering. The Company issued 8,000,000 ordinary shares. The gross proceeds received were US$91,920,000 and the related issuance costs were US$1,571,688. Issuance of convertible senior notes On March 17, 2014, the Company completed a public offering of 1,140,000 ADSs by certain of the Company's selling shareholders, representing 2,280,000 ordinary shares, at a public offering price of US$143.74 per ADS, and US$550,000,000 aggregate principal amount of the Company's 1.50% convertible senior notes due 2019. Concurrently, the underwriters exercised in full the option to purchase an aggregate of 171,000 additional ADSs from certain selling shareholders at the public offering price of the offering and up to an additional US$82,500,000 aggregate principal amount of the Company's 1.50% convertible senior notes due 2019. Dual-class share structure On September 15, 2014, the Company's shareholders voted in favor of a proposal to adopt a dual-class share structure, pursuant to which the Company's authorized share capital was reclassified and re-designated into Class A ordinary shares and Class B ordinary shares, with each Class A ordinary share being entitled to one vote and each Class B ordinary share being entitled to ten votes on all matters that are subject to shareholder vote. Both Class A ordinary shares and Class B ordinary shares are entitled to the same dividend right. The holders of the Group's ordinary shares are entitled to such dividends as may be declared by the board of directors subject to the Companies Law. The computation of net earnings per Class A and Class B ordinary share have been adjusted retroactively for all periods presented to reflect this change. As of December 31, 2014, all Class B ordinary shares were held by the Chairman of the Company. ADS Ratio Change Effective November 3, 2014, the Company changed its ADS to Class A ordinary share ratio from one ADS representing two Class A ordinary shares to five ADSs representing one Class A ordinary share. The computation of net earnings per ADS have been adjusted retroactively for all periods presented to reflect this change. Exercise of stock options During the years ended December 31, 2012, 2013 and 2014, 146,316, 1,905,026 and 1,883,977 Class A ordinary shares were issued respectively as a result of exercises of share options by employees and a consultant. Vesting of shares awards During the years ended December 31, 2012, 2013 and 2014, nil, 476,065 and 988,723 ordinary shares were issued respectively as a result of vesting of shares awards granted to employees and a consultant.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Other Income

12 Months Ended

Dec. 31, 2014

Other Income

Other Income

17. Other Income

Other income consist of Government grants and miscellaneous. Government grants represent rewards provided by the relevant PRC municipal government authorities to the Group for business achievements made by the Group. As there is no further obligation for the Group to perform, government grants are recognized as other income when received. The amount of such government grants are determined solely at the discretion of the relevant government authorities and there is no assurance that the Group will continue to receive these government grants in the future.

Other income is comprised of:

	Year ended December 31,
	2012		2013		2014
	$		$		$
Government grants		1,415,420		6,292,006		19,817,266
Claims for goods insurance		583,958		1,698,484		4,528,165
Others		563,943		717,997		776,592

Total other income		2,563,321		8,708,487		25,122,023

Income Taxes

12 Months Ended

Dec. 31, 2014

Income Taxes

Income Taxes

18. Income Taxes

Cayman Islands

Under the current laws of the Cayman Islands, the Company is not subject to tax on its income or capital gains. In addition, upon payments of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed.

Hong Kong

The provision for current income taxes of the subsidiaries operating in Hong Kong has been calculated by applying the current rate of taxation of 16.5% for the years ended December 31, 2012, 2013 and 2014, if applicable.

People's Republic of China

On March 16, 2007, the National People's Congress of China enacted a new Corporate Income Tax Law ("New Tax Law") which became effective on January 1, 2008. Under the New Tax Law, domestically owned enterprises and foreign invested enterprises (the "FIEs") are subject to a uniform tax rate of 25%. While the New Tax Law equalizes the tax rates for FIEs and domestically-owned enterprises, preferential tax treatment may continue to be given to companies in certain encouraged sectors and to entities classified as high-technology companies, regardless of whether these are domestically-owned enterprises or FIEs. The Group's subsidiaries and the variable interest entity in the PRC are all subject to the tax rate of 25% for the periods presented, except for Vipshop Jianyang and Vipshop Chongqing that enjoyed the following preferential tax treatment:

Vipshop Jianyang and Vipshop Chongqing each was classified as a domestically-owned enterprise in the western region that is in an industry sector encouraged by the PRC government. Vipshop Jianyang and Vishop Chongqing have obtained final approval from the local tax bureau to enjoy a preferential tax rate of 15% for the period from February 22, 2012 to December 31, 2020 and from September 16, 2014 to December 31, 2020, respectively.

The term "domestically-owned enterprises in an industry sector encouraged by the PRC government" as used herein refers to any enterprise that its primary business falls into the scopes of the encouraged industries stipulated in the existing related policies, including Industrial Restructuring Guidance Catalogue (2011), Industrial Restructuring Guidance Catalogue (2005), Catalogue for the Guidance of Foreign Investment Industries (Revised in 2007), and Catalogues of Foreign-invested Advantage Industries in Central-Western Areas (2008 Revision), and the annual primary business revenue of which accounts for more than 70% of the total enterprise revenue.

The Group evaluates the level of authority for each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of December 31, 2013 and 2014, the Group had no unrecognized tax benefits. The Group does not anticipate any significant increase to its liability for unrecognized tax benefit within the next 12 months. The Group will classify interest and penalties related to income tax matters, if any, in income tax expense.

According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of income taxes is due to computational errors made by the taxpayer. The statute of limitations will be extended to five years under special circumstances, which are not clearly defined, but an underpayment of income tax liability exceeding RMB100,000 ($16,315) is specifically listed as a special circumstance. In the case of a transfer pricing related adjustment, the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion.

Income tax expense is comprised of:

	Year ended December 31,
	2012		2013			2014
	$		$			$
Current tax (note)		706,173		29,676,438			75,707,878
Deferred tax		—		(11,126,647	)		(35,729,733	)

Total tax expenses		706,173		18,549,791			39,978,145

Note:

All current tax was related to income tax in PRC.

Under the New Tax Law, enterprises are classified as either resident or non-resident. A resident enterprise refers to one that is incorporated under the PRC law or under the law of a jurisdiction outside the PRC with its "de facto management organization" located within the PRC. Non-residential enterprise refers to one that is incorporated under the law of a jurisdiction outside the PRC with its "de facto management organization" located also outside the PRC, but which has either set up institutions or establishments in the PRC or has income originating from the PRC without setting up any institution or establishments in the PRC. On December 6, 2007, the State Council of the PRC issued New Enterprise Income Tax Implementation Regulations on the New Taxation Law ("New EIT Implementation Regulations"). Under the New EIT Implementation Regulations, "de facto management organization" is defined as the organization of an enterprise through which substantial and comprehensive management and control over the business, operations, personnel, accounting and properties of the enterprise are exercised. Under the New Tax Law and the New EIT Implementation Regulations, a resident enterprise's global net income will be subject to a 25% enterprise income tax rate. Uncertainties exist with respect to how the New Tax Law and New EIT Implementation Regulations apply to the Group's overall operations, and more specifically, with regard to tax residency status. On April 22, 2009, the State Administration of Taxation, or the SAT, issued SAT Circular 82, which provides certain specific criteria for determining whether the "de facto management body" of a PRC-controlled enterprise that is incorporated offshore is located in China. In addition, the SAT issued a bulletin on July 27, 2011 providing more guidance on the implementation of Circular 82 and clarifies matters such as resident status determination. Due to the present uncertainties resulting from the limited PRC tax guidance on this issue, it is unclear that the legal entities organized outside of PRC should be treated as residents for New Tax Law purposes. Nevertheless, even if one or more of its legal entities organized outside of the PRC were characterized as PRC tax residents, both of them are still in accumulated loss position and no significant impact would be expected on the net current tax payable balance and the net deferred tax balance.

If the entity were to be non-resident for PRC tax purpose, dividends paid to it out of profits earned after January 1, 2008 would be subject to a withholding tax. In the case of dividends paid by PRC subsidiaries the withholding tax would be 10% and in the case of a subsidiary 25% or more directly owned by residents which meet the criteria of beneficial owner in the Hong Kong SAR, the withholding tax would be 5%.

Aggregate undistributed earnings of the Group's subsidiaries and the VIE in the PRC that are available for distribution to the Group of approximately RMB497.1 million (US$82.1 million) and RMB1,839.9 million (US$296.5 million) as of December 31, 2013 and 2014 respectively are considered to be indefinitely reinvested under ASC No.740-30, Accounting for Income Taxes—Special Areas, and accordingly, no provision has been made for the Chinese dividend withholding taxes that would be payable upon the distribution of those amounts to the Group. If those earnings were to be distributed or they were determined to be no longer permanently reinvested, the Group would have to record a deferred income tax liability in respect of those undistributed earnings of approximately RMB24.9 million (US$4.14 million) and RMB92.0 million (US$14.8 million) as of December 31, 2013 and 2014 respectively.

A reconciliation of the income tax expense to income (loss) before income tax and share of loss of affiliates computed by applying the PRC statutory income tax rate of 25% per the consolidated statements of income (loss) and comprehensive income (loss) is as follows:

	Year ended December 31,
	2012			2013			2014
	$			$			$
(Loss) income before income tax and share of loss of affiliates		(8,765,901	)		70,849,654			172,999,829
Computed income tax expense at PRC EIT tax rate		(2,191,475	)		17,712,413			43,249,958
Effect of non-deductible expenses, including:
—Share-based compensation expenses		1,899,237			3,114,066			9,197,612
—Inventory wastage (note)		(981,266	)		—			—
—Other non-deductible expenses		20,561			352,329			1,547,828
Effect of different tax rates of a subsidiary operating in other jurisdiction		135,975			(162,863	)		94,330
Effect of tax holidays on concessionary rates granted to PRC subsidiaries		(136,527	)		(1,963,422	)		(7,531,005	)
Effect of non-taxable income		—			—			(3,307,317	)
Change in valuation allowance		1,959,668			(502,732	)		(2,592,681	)
Others		—			—			(680,580	)

Actual income tax expenses		706,173			18,549,791			39,978,145

Note:

Inventory wastage represents subsequent reversal of prior year's non-deductible expenses upon approval by local tax bureau.

The aggregate amount and per share effect of the tax holidays and tax concessions are as follows:

	Year ended December 31,
	2012		2013		2014
	$		$		$
The aggregate effect		136,527		1,963,422		7,531,005
Per share effect:
Class A ordinary share:
—basic		0.00		0.02		0.07
—diluted		0.00		0.02		0.07
Class B ordinary share:
—basic		0.00		0.02		0.07
—diluted		0.00		0.02		0.07

The principal components of deferred tax assets are as follows:

	As of December 31,
	2013			2014
	$			$
Deferred tax assets:
Net operating loss carry forwards		33,928			10,521,107
Allowance for doubtful debts		65,368			263,186
Allowance for intangible assets and other investment		—			1,102,710
Inventory write-down		5,059,396			3,063,700
Payroll payable and other accruals		4,460,609			9,614,072
Deferred revenue		12,648,865			17,431,043
Advertising expenses		625,384			3,925,162
Others		153,906			156,732
Foreign exchange (note)		(827,062	)		45
Less: valuation allowance		(11,093,747	)		(8,501,066	)

Total deferred tax assets		11,126,647			37,576,691


Deferred tax liability :
Intangible assets		—			39,115,580

Total deferred tax liability		11,126,647			39,115,580

Note:

Foreign exchange represents the differences of exchange rate on balance sheet date used to translate the deferred tax assets balances and the weighted average rate used to translate the valuation allowance recognized during the period.

The amount of tax loss carried forward was $204,350 and $44,547,888 of December 31, 2013 and 2014, respectively, for the Group's certain subsidiaries and the variable interest entity in the PRC.

The Group has provided a valuation allowance for the deferred tax assets relating to the future benefit of net operating loss carry forwards and other deferred tax assets of certain subsidiaries as of December 31, 2013 and 2014, respectively, as management is not able to conclude that the future realization of some of those net operating loss carry forwards and other deferred tax assets are more likely than not.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References+ Details

Earnings (loss) Per Share

12 Months Ended

Dec. 31, 2014

Earnings (loss) Per Share

Earnings (loss) Per Share

19. Earnings (loss) Per Share

The Group had the following securities which could potentially dilute basic net earnings per share in the future, but which were excluded from the computation of diluted net earnings per share in the periods presented, as their effects would have been anti-dilutive.

	As of December 31,
	2012		2013		2014
Employee Stock Options		6,657,794		—		—
Non-vested ordinary shares		741,500		—		—

Basic net earnings (loss) per share is based on the weighted average number of ordinary shares outstanding during each period. The computations of net earnings per Class A and Class B ordinary share have been adjusted retroactively for all periods presented to reflect the Dual-class share structure (Note 16). Diluted net earnings (loss) per share is based on the weighted average number of ordinary shares outstanding and incremental weighted average number of ordinary shares from assumed vesting of non-vested shares and exercise of share options, and conversion of the convertible senior notes during each period.

Basic earnings (loss) per share and diluted earnings per share have been calculated for the years ended December 31, 2012, 2013 and 2014 as follows:

	Year ended December 31,
	2012			2013		2014
	$			$		$
Numerator:
Net (loss) income attributable to Vipshop Holdings Limited's ordinary shareholders		(9,472,074	)		52,299,863		137,259,907


Denominator:
Net earnings per Class A share
Weighted-average ordinary shares, outstanding—basic		72,338,848			92,452,279		96,800,324
Weighted-average ordinary shares, outstanding—diluted		72,338,848			98,984,815		103,717,226
Basic net (loss) earnings per share		(0.11	)		0.48		1.21
Diluted net (loss) earnings per share		(0.11	)		0.45		1.14
Net earnings per Class B share
Weighted-average ordinary shares, outstanding—basic		16,510,358			16,510,358		16,510,358
Weighted-average ordinary shares, outstanding—diluted		16,510,358			16,510,358		16,510,358
Basic net (loss) earnings per share		(0.11	)		0.48		1.21
Diluted net (loss) earnings per share		(0.11	)		0.45		1.14

The Series A and B Preferred shares are convertible participating securities but have not been included in the computation of basic net loss per share for 2012, as based on the contractual terms, Series A and B Preferred shareholders have no contractual obligation to share in the losses of the Company.

The Company granted a number of non-vested ordinary shares to certain executive officers and employees during 2012, 2013 and 2014 (refer to Note 22 (b)), these non-vested shares are not included in the computation of basic earnings per share. Such shares are considered contingently returnable shares because in the event a non-vested shareholder's employment for the Company is terminated for any reason prior to the fourth anniversary of the grant date, the outstanding non-vested shares shall be forfeited and automatically transferred to and reacquired by the Company at nil consideration.

- Definition

The entire disclosure for earnings per share.

+ References+ Details

Commitments and contingencies

12 Months Ended

Dec. 31, 2014

Commitments and contingencies

Commitments and contingencies

20. Commitments and contingencies

Operating Leases Agreements

The Group leases office space and certain equipment under non-cancellable operating lease agreements that expire at various dates through December 2020. Those lease agreements provide for periodic rental increases based on both contractual incremental rates and inflation rates adjustments over the leased periods. During the three years ended December 31, 2012, 2013 and 2014, the Company incurred rental expenses amounting to $7,500,451, $13,683,638 and $26,648,363, respectively.

As of December 31, 2014, minimum lease payments under all non-cancellable leases were as follows:

	$
Year ending December 31, 2015		37,404,447
Year ending December 31, 2016		33,212,335
Year ending December 31, 2017		27,455,079
Year ending December 31, 2018		26,415,106
Year ending December 31, 2019		22,378,306
Over December 31, 2019		23,500,697

Total minimum lease payments		170,365,970

Purchase commitment

In connection with the acquisition, the Company and a subsidiary of Lefeng have entered into framework supply agreements with a PRC affiliate of Ovation, pursuant to which Ovation's PRC affiliate agreed to supply cosmetics, apparel, healthcare products, food and other consumer products developed under Ovation's proprietary brands exclusively to the Company for sale to consumers through vip.com, lefeng.com and other third-party websites. If the company's sales of Ovation products to consumers through vip.com, lefeng.com and other third-party websites in 2014 are less than RMB900 million (US$148.7 million), the Company would be required to purchase additional products from Ovation to the extent of the shortfall. The Company would be entitled to sales rebates depending on the amount of sales achieved for Ovation's proprietary brands after such sales exceed RMB900 million (US$148.7 million). These framework supply agreements were terminated by the parties thereof in January 2015.

Capital commitment

As of December 31, 2014, the Group had contracted for capital expenditures of $85,420,678.

Contingencies

The Group is subject to periodic legal or administrative proceedings in the ordinary course of business. The Group does not believe that any currently pending legal proceeding to which the Group is a party will have a material effect on its business, results of operations or cash flows.

The Group has not made adequate social welfare payments as required under applicable PRC labor laws. Accrual for the amounts under-paid has been made in the reported periods and amounted to $2,954,756 and $4,417,250 as of December 31, 2013 and 2014, respectively. However, accruals for the interest on underpayments and penalties that may be imposed by the relevant PRC government authorities have not been made in the financial statements as management considered that it is not probable the relevant PRC government authorities will impose any significant interests or penalties.

- Definition

The entire disclosure for commitments and contingencies.

+ References+ Details

Related Party Transactions

12 Months Ended

Dec. 31, 2014

Related Party Transactions

Related Party Transactions

21. Related Party Transactions

For the years ended December 31, 2012, 2013 and 2014, the Group entered into the following material related party transactions:

	Year ended December 31,
	2012		2013		2014
	$		$		$
Purchase of goods (Note)		6,663,431		3,688,492		95,526,134

Note:

The goods were purchased from an affiliate of the Company and companies controlled or significantly influenced by shareholders.

Details of those material related party transactions provided in the table above are as follows:

(a) Amounts due from related parties

Amounts due from related parties are made up by amounts due from an affiliate and companies controlled by the shareholders.

Amounts due from related parties as of December 31, 2013 and 2014 amounted to nil and $4,994,873, respectively, are prepayments related to purchases of goods from an affiliate and the entities controlled by shareholders of the Company.

(b) Amounts due to related parties

Amounts due to related parties are made up by shareholder loans and amounts due to an affiliate and companies controlled or significantly influenced by shareholders.

Shareholders provided loans to the Group, which are mainly used for working capital purposes. The outstanding loan balances due to the Chairman, who is also a shareholder, amounted to $1,200,559 and $843,940 as of December 31, 2013 and 2014 respectively, were unsecured, interest free and repayable on demand.

The amounts due to an affiliate and companies controlled or significantly influenced by shareholders as of December 31, 2013 and 2014 amounted to $940,852 and $11,370,287 respectively, and were unsecured and interest free. These amounts are all related to purchases of goods from these parties.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References+ Details

Share-based Payments

12 Months Ended

Dec. 31, 2014

Share-based Payments

Share-based Payments

22. Share-based Payments

(a) Stock incentive plan

In March 2011, the Company adopted the Vipshop Holdings Limited 2011 Stock Incentive Plan (the "2011 Plan"), which provide up to an aggregate of 7,350,000 ordinary shares of the Company as stock based compensation to employees, directors, officers and consultants and other eligible personal of the Group.

In 2012, the Company adopted the 2012 Stock Incentive Plan (the "2012 Plan"), which provide up to an aggregate of 9,000,000 ordinary shares of the Company, and the maximum aggregate number of shares that may be issued per calendar year is 1,500,000 from 2012 until the termination of the 2012 Plan.

In July 2014, the Company adopted the 2014 Stock Incentive Plan (the "2014 Plan"), whose the maximum aggregate number of ordinary shares may be issued under the 2014 Plan is (i) 5,366,998 Class A ordinary shares, and (ii) an automatic increase on January 1 of each year after the effective date of the 2014 Plan by that number of shares representing 1.5% of the Company's then total issued and outstanding share capital as of December 31 of the preceding year, or such less number as determined by the board of directors.

During the years ended December 31, 2012, 2013 and 2014, a total of 758,048 and 450,569 and nil share options were granted to executive officers, employees and a non-employee of the Group under the 2011 and 2012 Plan respectively.

Grant date	Exercise Price per share		Number of options		Vesting period
	$
March 18, 2011		0.5		1,470,000	36% of the shares shall vest at the first anniversary of the grant date, and 1/36th of the total shares shall vest at the end of each month thereafter
March 18, 2011		0.5		183,750	29% of the shares shall vest at the first anniversary of the grant date, and 1/48th of the total shares shall vest at the end of each month thereafter
March 18, 2011		0.5		735,000	37.5% of the shares shall vest at the first anniversary of the grant date, and 1/48th of the total shares shall vest at the end of each month thereafter
March 18, 2011		0.5		735,000	56% of the shares shall vest at the first anniversary of the grant date, and 1/48th of the total shares shall vest at the end of each month thereafter
March 18, 2011		0.5		367,500	33% of the shares shall vest at the first anniversary of the grant date, and 1/48th of the total shares shall vest at the end of each month thereafter
March 28, 2011		0.5		945,000	25% of the shares shall vest at the first anniversary of the grant date, and 1/48th of the total shares shall vest at the end of each month thereafter
July 10, 2011		0.5		50,000	25% of the shares shall vest at the first anniversary of the grant date, and 1/48th of the total shares shall vest at the end of each month thereafter
August 30, 2011		2.52		819,638	25% of the shares shall vest at the first anniversary of the grant date, and 1/48th of the total shares shall vest at the end of each month thereafter
November 30, 2011		2.52		551,250	25% of the shares shall vest at the first anniversary of the grant date, and 1/48th of the total shares shall vest at the end of each month thereafter
November 30, 2011		2.50		1,310,000	25% of the shares shall vest at the first anniversary of the grant date, and 1/48th of the total shares shall vest at the end of each month thereafter
February 1, 2012		2.52		204,910	25% of the shares shall vest at the first anniversary of the grant date, and 1/48th of the total shares shall vest at the end of each month thereafter
April 16, 2012		2.50		553,138	25% of the shares shall vest at the first anniversary of the grant date, and 1/48th of the total shares shall vest at the end of each month thereafter
January 1, 2013		0.50		400,000	25% of the shares shall vest at the first anniversary of the grant date, and 1/48th of the total shares shall vest at the end of each month thereafter
March 22, 2013		2.50		50,569	25% of the shares shall vest at the first anniversary of the grant date, and 1/48th of the total shares shall vest at the end of each month thereafter

The expiration dates of the above options were 10 years from grant date, vesting is subject to the continuous services of the option holders to the Group, and post-termination exercise period was nine months. During any authorized leave of absence, the vesting of the option shall be suspended after the leave of absence exceeds a period of 90 days. Vesting of the option shall resume upon the option holders' return to service to the Group. The vesting schedule shall be extended by the length of the suspension.

In the event of termination of the option holders' continuous service for cause, the option holders' right to exercise the option shall terminate concurrently, except otherwise determined by the plan administrator, and the Company shall have the rights to repurchase all vested options purchased by the option holders at a discount price determined by the plan administrator. The stock option holders have waived any voting rights with regard to the shares and granted a power of attorney to the Board of Directors of the Company to exercise voting rights with respect to the shares.

The Company uses the Binomial model to determine the estimated fair value for each option granted below with the assistance of an independent valuation firm. The Group estimates that the forfeiture rate for key management and employees will be nil and 12% in 2013 and nil and 13% in 2014, respectively.

The assumptions used in determining the fair value of the share options on the grant date were as follows:

Assumptions	2012	2013
Expected dividend yield	0%	0%
Risk-free interest rate	2.54% - 3.00%	3.19% - 3.30%
Expected volatility	51.33% - 53.12%	24.09% - 34.77%
Expected life	10 years	10 years
Exercise multiples	2.2 to 2.8 times	2.2 to 2.8 times
Weighted average fair value of underlying ordinary shares	8.36	8.88

Notes:
(1)	Expected dividend yield: The expected dividend yield was estimated by the Company based on its dividend policy over the expected life of the options.
(2)	Risk-free interest rate: Risk-free interest rate was estimated based on the fair market yields of China International Government Bond as of the valuation dates with a maturity period close to the expected life of the options.
(3)	Expected volatility: The volatility of the underlying ordinary shares during the life of the options was estimated based on the historical stock price volatility of listed comparable companies over a period comparable to the expected maturity period of the options.
(4)	Expected life: As the Company did not have sufficient historical share option exercise experience, it estimated the expected life based on the term according to the option agreement.
(5)	Exercise multiples:

The expected exercise multiple is the average ratio of the stock price to the exercise price of when employees would decide to voluntarily exercise their vested options. As the Company did not have sufficient information of past employee exercise history, it estimated the exercise multiples based on researches conducted by Huddart and Lang (1995).

(6)	Fair value of underlying ordinary shares: After the Company's initial public offering in March 2012, the fair values of ordinary shares were determined based on actual quoted prices (unadjusted) in the market.

For the years ended December 31, 2012, 2013 and 2014, the share option movements were as follows:

	Options outstanding			Weighted average exercise price per share		Weighted average remaining contractual life per share	Weighted average fair value at grant date		Weighted average intrinsic value per option		Aggregate intrinsic value
				$			$		$		$
As of January 1, 2012		7,167,138			1.25
Granted		758,048			2.51			1.91				449,469
Exercised		(146,316	)		1.31			3.62				840,014
Forfeited		(376,028	)		0.90			1.88

Outstanding as of December 31, 2012		7,402,842			1.16			4.13				57,439,086
Granted		450,569			0.72			8.88				18,525,384
Exercised		(1,905,026	)		1.18			3.95				77,465,467
Forfeited		(507,625	)		0.84			3.09

Outstanding as of December 31, 2013		5,440,760			1.18	1.37 years		6.31		40.66		221,196,775
Exercised		(1,883,977	)		0.95	0.38 years		3.38		96.75		182,277,923
Forfeited		(151,874	)		2.52	1.19 years		5.21

Outstanding as of December 31, 2014		3,404,909			1.26	0.69 years


Non vested as of December 31, 2014		1,085,116						4.54


Options vested and expected to vest as of December 31, 2014		3,335,983			1.24	0.69 years						321,799,276


Exercisable as of December 31, 2014		2,319,793			1.06	0.50 years						224,175,454

For the years ended December 31, 2012, 2013 and 2014, the Group recognized share based payment expenses of $7,369,081, $8,348,740 and $5,699,690 in connection with the share options granted to employees, respectively. The total fair value of shares vested during 2013 and 2014 was $8,975,087 and $5,747, 243 respectively.

As of December 31, 2014, there was $4,808,292 unrecognized compensation cost related to unvested share options granted to executive and employees of the Group. The unvested share options expense relating to the stock options of the Group is expected to be recognized over a weighted average period of 1.34 years on a straight-line basis schedule as of December 31, 2014.

Option modification

In July 2012, the Board of Directors approved an option modification to reduce the exercise price of 819,638 options from $2.52 to $0.50 per ordinary shares. All other terms of the share options granted under the 2011 stock option plan remain unchanged. The modification resulted in incremental compensation cost of $1,122,360, of which $484,862, $239,073 and $239,073 was recorded during the years ended December 31, 2012, 2013 and 2014 respectively. The remaining $398,425 and $159,352 will be amortized over the remaining vesting period of the modified options up to August 2015 as of December 31, 2013 and 2014, respectively.

The fair value of the options immediately before and after the aforementioned modification is estimated on that date using the Black Scholes option pricing model with the assumptions noted below. The basis of the assumptions used is similar to those explained in this note above.

	Before Modification	After Modification
Expected dividend yield	0%	0%
Risk-free interest rate	3.00%	3.00%
Expected volatility	42.55%	42.55%
Expected life	4.5 years	4.5 years
Exercise multiples	2.2 times	2.2 times
Fair value of underlying ordinary shares	2.78	2.78
Exercise price	2.52	0.50

(b) Non-vested shares

During 2012, 2013 and 2014, a total of 741,500, 1,483,600 and 1,932,680 non-vested shares were granted to executive officers, employees, members of Audit Committee and consultants of the Group under the 2012 Plan, respectively.

Grant date	Number of options		Fair value on grant date
			$
June 1, 2012		367,500		2.76
September 30, 2012		340,000		3.75
October 1, 2012		34,000		3.70
January 1, 2013		546,000		8.92
January 1, 2013		15,000		8.92
March 22, 2013		10,000		14.31
April 1, 2013		471,000		14.93
April 1, 2013		5,000		14.93
April 1, 2013		25,000		14.93
September 30, 2013		407,000		21.21
September 30, 2013		4,600		21.21
January 1, 2014		200,000		41.84
January 1, 2014		360,000		41.84
January 1, 2014		120,000		41.84
January 20, 2014		338,100		50.02
March 1, 2014		175,340		65.66
March 1, 2014		62,690		65.66
April 1, 2014		117,500		79.83
April 1, 2014		66,000		79.83
May 1, 2014		101,000		74.28
June 1, 2014		53,700		81.33
July 1, 2014		85,600		97.80
August 1, 2014		50,800		103.97
September 1, 2014		9,600		98.32
October 1, 2014		91,000		91.69
November 1, 2014		67,000		114.65
December 1, 2014		34,350		114.30

Most of the non-vested shares granted have a vesting period of four years of employment services with the first one-fourth vesting on the first anniversary from grant date, and the remaining three fourth vesting on a monthly basis over a three-year period ending on the fourth anniversary of the grant date. The non-vested shares are not transferable and may not be sold or pledged and the holder has no voting or dividend right on the non-vested shares. In the event a non-vested shareholder's employment for the Company is terminated for any reason prior to the fourth anniversary of the grant date, the holder's right to the non-vested shares will terminate effectively. The outstanding non-vested shares shall be forfeited and automatically transferred to and reacquired by the Company at nil consideration.

For the year ended December 31, 2014, the non-vested shares movement was as follows:

	Non-vested shares outstanding
Outstanding as of December 31, 2013		1,749,035
Granted		1,932,680
Vested		(988,723	)
Forfeited		(244,213	)

Outstanding as of December 31, 2014		2,448,779.00

The Group recognized compensation expense over the four year service period on a straight line basis, and applied a forfeiture rate of 9% on 374,000 non-vested shares grant to certain employees during 2012, 12% on 964,000 non-vested shares grant to certain employees during 2013 and 13% on 1,156,680 non-vested shares grant to certain employees during 2014. The aggregate fair value of the restricted shares at grant dates was $2,413,092, $21,492,565 and $146,898,172 during 2012, 2013 and 2014 respectively. The fair values of non-vested shares are measured at the respective fair values of the Company's ordinary shares on the grant-dates. For the years ended December 31, 2012, 2013 and 2014, the Group recognized share based payment expenses of $227,868, $4,107,523 and $31,090,757 in connection with the non-vested shares granted to employees, respectively.

As of December 31, 2014 there was $97,586,379 unrecognized compensation cost related to non-vested shares which is expected to be recognized over a weighted average vesting period of 3.20 years. The weighted average granted fair value per share of non-vested shares granted during the years ended December 31, 2012, 2013 and 2014 was $3.25, $13.15 and $63.31 respectively.

For the years ended December 31, 2012, 2013 and 2014, share-based compensation expenses have been included in the following balances on the consolidated statements of income (loss) and comprehensive income (loss):

	Year ended December 31,
	2012			2013			2014
	$			$			$
Fulfillment expenses		(292,866	)		(721,531	)		(1,765,664	)
Marketing expenses		(169,100	)		(381,326	)		(2,821,468	)
Technology and content expenses		(897,133	)		(3,275,228	)		(16,831,098	)
General and administrative expenses		(6,237,850	)		(8,078,178	)		(15,372,217	)

		(7,596,949	)		(12,456,263	)		(36,790,447	)

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References+ Details

Segment information

12 Months Ended

Dec. 31, 2014

Segment information

Segment information

23. Segment information

The Group has only one reportable segment, which is the sales, product distribution and offering of goods on its online platforms. The Group's chief operating decision-maker ("CODM") has been identified as the Company's President Office, consist of the Company's Chief Executive Officer, Chief Finance Officer, Chief Technology Officer and certain Senior Vice Presidents, who review operating results to make decisions about allocating resources and assessing performance for the entire Group. The Group's net revenues are all generated from customers in the PRC. Hence, the Group operates and manages its business without segments. All the property, plant and equipment of the Group are located at the PRC.

Product revenues: relate to sales of apparel, shoes and bags and other products.

Other revenues: relate to revenues from product promotion and online advertising, and commission fees charged to third-party merchants which the Company provides platform access for sales of their product, and revenues from factoring services provided to vendors of the Group.

Revenues from different product groups and services are as follows:

	Year ended December 31,
	2012		2013		2014
	$		$		$
Product revenues
Apparel		296,463,332		757,132,824		1,558,875,302
Shoes and bags		84,801,417		245,095,274		567,262,879
Cosmetics		75,221,908		107,069,891		487,311,778
Sportswear and sporting goods		70,721,110		140,340,540		210,035,825
Home goods and other lifestyle products		68,810,873		143,484,624		210,325,141
Toys, kids and baby		34,544,067		89,129,541		256,981,287
Other goods		59,494,542		198,308,159		410,391,663

		690,057,249		1,680,560,853		3,701,183,875
Other revenues		2,055,715		16,111,882		72,473,670

Total net revenues		692,112,964		1,696,672,735		3,773,657,545

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Subsequent event

12 Months Ended

Dec. 31, 2014

Subsequent event

Subsequent event

24. Subsequent event

(a)	On January 1, 2015, February 1, 2015, and March 1, 2015, the Group granted 31,350, 29,070, and 198,220 non-vested ordinary shares to its executive officers and employees, respectively. These shares have a vesting period of four years of employment services with the first twenty five percent vesting on the first anniversary of the grant date, and the remaining seventy five percent vesting on a monthly basis over a three-year period ending on the fourth anniversary of the grant date. The non-vested shares are not transferable and may not be sold, pledged or otherwise transferred, and the holder has no voting or dividend right on the non-vested shares. The ordinary share of the Company on grant date was US$114.30, $111.95 and $122.25 on grant date, respectively.
(b)	The Group acquired certain equity interests of certain online retail business companies during February and March 2015. Aggregated cash consideration payable by the Group for the acquisitions were approximately US$47 million. The equity interests of these investments owned by the Group are all less than 20%, over which the Group exerts no significant influence and are measured initially at cost.
(c)	The Group acquired a 42.61% equity interest of a logistic company which operates in China in February 2015. The total cash consideration payable by the Group for the acquisition was approximately US$15.38 million. The Group has significant influence on this logistic company and thus applied the equity method of accounting.

Schedule I-Condensed Financial Information

12 Months Ended

Dec. 31, 2014

Schedule I-Condensed Financial Information

Schedule I-Condensed Financial Information

VIPSHOP HOLDINGS LIMITED

Schedule I—Condensed Financial Information

Statements of Income (Loss) and Comprehensive Income (Loss)

(In U.S. dollars, except for share data)

	Year ended December 31,
	2012			2013			2014
	$			$			$
General and administrative expenses		(7,596,949	)		(12,456,263	)		(36,790,447	)

Loss from operations		(7,596,949	)		(12,456,263	)		(36,790,447	)
Interest expense		—			—			(10,154,399	)
Share of loss of affiliates		—			—			(10,121,828	)
Impairment loss of investment		—			—			(1,006,083	)
Equity in (losses) incomes of subsidiaries and variable interest entities		(1,875,125	)		64,756,126			195,332,664

Net (loss) income		(9,472,074	)		52,299,863			137,259,907


Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments		994,606			3,518,820			(8,812,055	)

Comprehensive (loss) income attributable to Vipshop Holdings Limited's shareholders		(8,477,468	)		55,818,683			128,447,852

VIPSHOP HOLDINGS LIMITED

Schedule I—Condensed Financial Information

Balance Sheets

(In U.S. dollars, except for share data)

	As of December 31,
	2013			2014
	$			$
ASSETS
Cash and cash equivalents		95,124			157,195
Investment to an affiliate		—			45,005,933
Other investments		—			13,665,980
Investment in subsidiaries		—			195,332,664
Amount due from subsidiaries		243,160,275			780,809,999

TOTAL ASSETS		243,255,399			1,034,971,771


LIABILITIES AND EQUITY
Amount due to a shareholder		1			1
Accrued expenses		—			2,691,101
Convertible senior notes		—			621,310,950

Total liabilities		1			624,002,052


EQUITY
Class A ordinary shares (US$0.0001 par value, 483,489,642 shares authorized, and 95,155,614 and 98,028,314 shares issued and outstanding as of December 31, 2013 and December 31, 2014, respectively)		9,516			9,803
Class B ordinary shares (US$0.0001 par value, 16,510,358 shares authorized, and 16,510,358 and 16,510,358 shares issued and outstanding as of December 31, 2013 and December 31, 2014, respectively)		1,651			1,651
Additional paid-in capital		363,221,310			402,487,492
Retained earnings (deficit)		(123,725,472	)		13,534,435
Accumulated other comprehensive income (loss)		3,748,393			(5,063,662	)

Total shareholders' equity		243,255,398			410,969,719

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		243,255,399			1,034,971,771

VIPSHOP HOLDINGS LIMITED

Schedule I—Condensed Financial Information

Statements of Shareholders' Equity

(In U.S. dollars, except for share data)

	Series A Preferred shares						Series B Preferred shares						Class A ordinary shares				Class B ordinary shares										Accumulated other comprehensive income (loss)
	Series A Preferred shares						Series B Preferred shares						Class A ordinary shares				Class B ordinary shares				Additional paid-in capital			Retained earnings (deficit)
	No. of shares			Amount			No. of shares			Amount			No. of shares		Amount		No. of shares		Amount		Additional paid-in capital			Retained earnings (deficit)						Total
				$						$					$						$			$			$			$
Balance as of January 1, 2012		20,212,500			20,113,898			8,166,667			41,147,021			29,724,301		2,973		16,510,358		1,651		124,341,953			(166,553,261	)		(765,033	)		18,289,202
Net loss		—			—			—			—			—		—		—		—		—			(9,472,074	)		—			(9,472,074	)
Issuance of ordinary shares pursuant to initial public offering		—			—			—			—			22,009,200		2,201		—		—		66,020,596			—			—			66,022,797
Direct offering expenses		—			—			—			—			—		—		—		—		(3,332,962	)		—			—			(3,332,962	)
Conversion of Series A Preferred Shares into ordinary shares		(20,212,500	)		(20,113,898	)		—			—			20,212,500		2,021		—		—		20,111,877			—			—			—
Conversion of Series B Preferred Shares into ordinary shares		—			—			(8,166,667	)		(41,147,021	)		12,682,206		1,268		—		—		41,145,753			—			—			—
Proceeds from registered capital contributions by shareholders of the VIE		—			—			—			—			—		—		—		—		2,292,763			—			—			2,292,763
Proceeds from issuance of ordinary shares upon exercise of stock options		—			—			—			—			146,316		14		—		—		191,519			—			—			191,533
Share-based compensation expenses		—			—			—			—			—		—		—		—		7,596,949			—			—			7,596,949
Foreign currency translation		—			—			—			—			—		—		—		—		—			—			994,606			994,606

Balance as of December 31, 2012		—			—			—			—			84,774,523		8,477		16,510,358		1,651		258,368,448			(176,025,335	)		229,573			82,582,814


Net income		—			—			—			—			—		—		—		—		—			52,299,863			—			52,299,863
Issuance of ordinary shares pursuant to follow-on offering		—			—			—			—			8,000,000		800		—		—		91,919,200			—			—			91,920,000
Direct offering expenses of follow-on offering		—			—			—			—			—		—		—		—		(1,571,688	)		—			—			(1,571,688	)
Proceeds from issuance of ordinary shares upon exercise of stock options		—			—			—			—			1,905,026		191		—		—		2,049,087			—			—			2,049,278
Proceeds from issuance of ordinary shares upon exercise of non-vested shares		—			—			—			—			476,065		48		—		—		—			—			—			48
Share-based compensation expense		—			—			—			—			—		—		—		—		12,456,263			—			—			12,456,263
Foreign currency translation		—			—			—			—			—		—		—		—		—			—			3,518,820			3,518,820

Balance as of December 31, 2013		—			—			—			—			95,155,614		9,516		16,510,358		1,651		363,221,310			(123,725,472	)		3,748,393			243,255,398

VIPSHOP HOLDINGS LIMITED

Schedule I—Condensed Financial Information

Statements of Shareholders' Equity (Continued)

(In U.S. dollars, except for share data)

	Series A Preferred shares				Series B Preferred shares
	Series A Preferred shares				Series B Preferred shares				Class A common shares				Class B common shares									Accumulated other comprehensive income (loss)
	No. of shares				No. of shares				Class A common shares				Class B common shares				Additional paid-in capital		Retained earnings (deficit)
	No. of shares		Amount		No. of shares		Amount		No. of shares		Amount		No. of shares		Amount		Additional paid-in capital		Retained earnings (deficit)						Total
			$				$				$				$		$		$			$			$
Balance as of December 31, 2013		—		—		—		—		95,155,614		9,516		16,510,358		1,651		363,221,310		(123,725,472	)		3,748,393			243,255,398
Net income		—		—		—		—		—		—		—		—		—		137,259,907			—			137,259,907
Issuance of ordinary shares upon exercise of stock options		—		—		—		—		1,883,977		188		—		—		1,786,441		—			—			1,786,629
Issuance of ordinary shares upon vesting of shares awards		—		—		—		—		988,723		99		—		—		—		—			—			99
Share-based compensation expense		—		—		—		—		—		—		—		—		36,790,447		—			—			36,790,447
Other capital contributions		—		—		—		—		—		—		—		—		689,294		—			—			689,294
Foreign currency translation		—		—		—		—		—		—		—		—		—		—			(8,812,055	)		(8,812,055	)

Balance as of December 31, 2014		—		—		—		—		98,028,314		9,803		16,510,358		1,651		402,487,492		13,534,435			(5,063,662	)		410,969,719

VIPSHOP HOLDINGS LIMITED

Schedule I—Condensed Financial Information

STATEMENTS OF CASH FLOWS

(In U.S. dollars, except for share data)

	Year ended December 31,
	2012			2013			2014
							$
CASH FLOW FROM OPERATING ACTIVITIES:
Net (loss) income		(9,472,074	)		52,299,863			137,259,907
Adjustments to reconcile net (loss) income to net cash by operating activities:
Equity in losses (incomes) of subsidiaries and a variable interest entity		1,875,125			(64,756,126	)		(195,332,664	)
Share of loss an affiliate		—			—			10,121,828
Impairment loss of other investment		—			—			1,006,083
Share-based compensation expenses		7,596,949			12,456,263			36,790,447
Amortization of debt issuance cost		—			—			4,303,481
Changes in operating assets and liabilities:
Amounts due from subsidiaries		—			(92,302,514	)		(433,495,775	)
Accrued expenses and other current liabilities		—			—			2,691,101

Net cash used in operating activities		—			(92,302,514	)		(436,655,592	)

Cash flows used in investing activities:
Investment to an affiliate and other investments		—			—			(70,449,018	)
Acquisition of a subsidiary, net of cash acquired		—			—			(112,500,000	)

Net cash used in investing activities		—			—			(182,949,018	)

Cash flows used in financing activities:
Proceeds from issuance of convertible notes		—			—			618,800,000
Issuance cost of convertible notes offering		—			—			(1,609,341	)
Other capital contributions		—			—			689,294
Proceeds from issuance of ordinary shares in the offerings, net of issuance costs		—			90,348,312			—
Proceeds from issuance of ordinary shares upon exercise of stock options		—			2,049,326			1,786,728

Net cash provided by financing activities		—			92,397,638			619,666,681

Effect of exchange rate changes		—			—			—

Net increase in cash and cash equivalents		—			95,124			62,071
Cash and cash equivalents at beginning of the period		—			—			95,124

Cash and cash equivalents at end of the period		—			95,124			157,195

VIPSHOP HOLDINGS LIMITED

NOTE TO SCHEDULE I

(In U.S. dollars, except for share or per share data)

Schedule I has been provided pursuant to the requirement of Rule 12-04(a) and 4-08(e)(3) of Regulation S-X, which require condensed financial information as to financial position, changes in financial position and results of operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of the consolidated and unconsolidated subsidiaries together exceed 25 percent of consolidated net assets as of end of the most recently completed fiscal year.

As of December 31, 2013 and 2014, $153,829,188 and $184,846,302 of the restricted capital and reserves are not available for distribution respectively, and as such, the condensed financial information of Vipshop Holdings Limited ("Parent Company") has been presented. Relevant PRC laws and regulations also restrict the WOFE and the VIEs from transferring a portion of their net assets to the Company in the form of loans and advances or cash dividends. No dividends have been paid by the WOFE or the VIEs to the Company during the periods presented. Total restricted net assets of the Group include net assets of VIE and paid in capital of WOFE. The balance of restricted net assets was $153,829,188 and $184,846,302 of which $3,829,188 and $4,846,302 was attributed to the net assets of the VIEs and $150,000,000 and $180,000,000 was attributed to the paid in capital of the WOFE, as of December 31, 2013 and 2014, respectively.

During the each of the three years in the period ended December 31, 2014, no cash dividend was declared and paid by the Parent Company.

Basis of preparation

The condensed financial information of the Parent Company has been prepared using the same accounting policies as set out in its consolidated financial statements, except that the Parent Company has used the equity method to account for its investment in its subsidiaries and its variable interest entity. Accordingly, the condensed financial information presented herein represents the financial information of the Parent Company.

The Parent Company had no bank account for the year ended December 31, 2012.

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References+ Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2014

Summary of Significant Accounting Policies

Basis of Presentation

(a) Basis of Presentation

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

Principles of consolidation

(b) Principles of consolidation

Details of certain key agreements entered into between the WOFE, Vipshop Information and each of its individual shareholders on January 20, 2011 are as follows:

Other than Vipshop Information and Lefeng Information, the Company has no interest in any other variable interest entities.

Risks in relation to the VIE structure

•	If the Group's ownership structure, are found to be in violation of any existing or future PRC laws or regulations, the relevant governmental authorities, including the China Securities Regulatory Commission, would have broad discretion in dealing with such violation, including levying fines, confiscating its income or the income of the WOFE, Vipshop Information, Lefeng Shanghai, or Lefeng Information, revoking the business licenses or operating licenses of the WOFE, Vipshop Information, Lefeng Shanghai, or Lefeng Information, shutting down the Group's servers or blocking the Group's website, discontinuing or placing restrictions or onerous conditions on the Group's operations, requiring the Group to undergo a costly and disruptive restructuring, restricting or prohibiting the Group's use of various funding to finance its business and operations in China, and taking other regulatory or enforcement actions that could be harmful to the Group's business;
•	The Group relies on contractual arrangements with the VIEs and their equity holders for a majority all of their PRC operations, which may not be as effective as direct ownership in providing operational control;
•	The Group may have to incur significant cost to enforce, or may not be able to effectively enforce, the contractual arrangements with the VIEs and their equity holders in the event of a breach or non-compliance by the VIEs or their equity holders; and
•	Each of the shareholders of the VIEs is also a director of the Company, and has a duty of care and loyalty to the Company and its shareholders as a whole under Cayman Islands law. Under the contractual arrangements with the VIEs and their shareholders, (a) the Company may replace any such individual as a shareholder of the VIEs at the Company's discretion, and (b) each of these individuals has executed a power of attorney to appoint the WOFE or its designated third party to vote on their behalf and exercise shareholder rights of the VIE. However, the Company cannot assure that these individuals will act in the best interests of the Company should any conflicts of interest arise, or that any conflicts of interest will be resolved in the Company's favor. These individuals may breach or cause the VIE to breach the existing contractual arrangements. If the Company cannot resolve any conflicts of interest or disputes between the Company and any of these individuals, the Company would have to rely on legal proceedings, which may be expensive, time-consuming and disruptive to its operations. There is also substantial uncertainty as to the outcome of any such legal proceedings.

	As of December 31,
	2013			2014
	$			$
Total assets		631,848,860			810,442,063
Current Liabilities:
Accounts payable		(70,026	)		(1,207,182	)
Advance from customers		(131,781,751	)		(196,213,904	)
Accrued expenses and other current liabilities		(101,097,647	)		(152,160,878	)
Amounts due to related parties		(1,369,767	)		(464,773	)
Deferred income		(20,592,249	)		(28,836,599	)

Total current liabilities		(254,911,440	)		(378,883,336	)

Total liabilities		(254,911,440	)		(378,883,336	)

Total equity		376,937,420			431,558,727

	Year ended December 31,
	2012			2013			2014
	$			$			$
Net revenues		691,975,575			1,694,782,751			3,066,493,585
Total operating expenses		(70,858,631	)		(204,766,265	)		(370,318,885	)
Net (loss) income		8,058,229			(1,946,318	)		26,586,960

Use of Estimates

Cash and Cash Equivalents

(d) Cash and Cash Equivalents

Cash and cash equivalents consist of cash on hand, demand deposits and highly liquid investments with maturity of less than three months.

Cash and cash equivalents are placed with financial institutions with high-credit ratings and quality.

Held-to-maturity securities

(e) Held-to-maturity securities

Inventories

(f) Inventories

Write downs are recorded in cost of goods sold in the consolidated statements of income (loss) and comprehensive income (loss).

Property and Equipment

(g) Property and Equipment

Classification		Estimated useful life
Furniture, fixtures and equipment		2 to 3 years
Leasehold improvements		Shorter of lease term or the estimated useful life of lease improvements
Motor vehicles		5 years
Software		3 years

Capitalization of interest

(h) Capitalization of interest

Prepaid land use rights

(i) Prepaid land use rights

Intangible assets, net

(j) Intangible assets, net

Acquired intangible assets mainly consist of domain name, customer relationship, non-compete agreements and trademarks acquired from third parties and from business combination.

Domain name and trademarks

Domain name and trademarks purchased from third parties are initially recorded at cost and amortized on a straight-line basis over the estimated economic lives of approximately two to three years.

Intangible assets arising from business combination

Estimated economic lives of the intangible assets are as follows:

Classification		Estimated useful life
Customer relationship		5 years
Trademarks		2 - 5 years
Non-compete agreement		3 years
Domain name		2 - 3 years

Investment in affiliates

(k) Investment in affiliates

Other Investments

(l) Other investments

Impairment of long-lived assets (other than goodwill)

(m) Impairment of long-lived assets (other than goodwill)

Goodwill

(n) Goodwill

Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired in a business combination.

Business combinations and noncontrolling interests

(o) Business combinations and noncontrolling interests

Debt issuance costs and debt discounts

(p) Debt issuance costs and debt discounts

Revenue recognition

(q) Revenue recognition

Discount coupons membership reward program

Other revenues

The Group provides factoring services to some of its suppliers and recognizes interest revenues over the factoring periods.

Cost of goods sold

(r) Cost of goods sold

Fulfillment expenses

(s) Fulfillment expenses

Fulfillment expenses primarily consist of payroll, bonus and benefits of logistics staff, logistics centers rental expenses, shipping and handling expenses and packaging expenses.

Marketing expenses

(t) Marketing expenses

Marketing expenses primarily consist of payroll, bonus and benefits of marketing staff, advertising costs, agency fees and costs for promotional materials.

Technology and content expenses

(u) Technology and content expenses

General and administrative expenses

(v) General and administrative expenses

Foreign Currency Transactions and Translations

(w) Foreign Currency Transactions and Translations

Income Taxes

(x) Income Taxes

Value added taxes

(y) Value added taxes

Comprehensive income (loss)

(z) Comprehensive income (loss)

Concentration of credit risk

(aa) Concentration of credit risk

Fair value of financial instruments

(ab) Fair value of financial instruments

Level 1		applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2		applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3		applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Operating leases

(ac) Operating leases

Share-based Compensation

(ad) Share-based Compensation

Employee share-based compensation

Modification of equity awards

Non-employee share-based compensation

Series A & B Convertible Preferred Shares

(ae) Series A & B Convertible Preferred Shares

In March 2012, upon the completion of the Company's initial public offering, all Series A Preferred Shares and Series B Preferred Shares were automatically converted into ordinary shares.

Earnings (loss) per share

(af) Earnings (loss) per share

Recent Changes in Accounting Standards

(ag) Recent Changes in Accounting Standards

•	Step 1: Identify the contract(s) with a customer.
•	Step 2: Identify the performance obligations in the contract.
•	Step 3: Determine the transaction price.
•	Step 4: Allocate the transaction price to the performance obligations in the contract.
•	Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.

1. Retrospectively to each prior reporting period presented and the entity may elect any of the following practical expedients:

•	For completed contracts, an entity need not restate contracts that begin and end within the same annual reporting period.
•	For completed contracts that have variable consideration, an entity may use the transaction price at the date the contract was completed rather than estimating variable consideration amounts in the comparative reporting periods.
•	For all reporting periods presented before the date of initial application, an entity need not disclose the amount of the transaction price allocated to remaining performance obligations and an explanation of when the entity expects to recognize that amount as revenue.

•	The amount by which each financial statement line item is affected in the current reporting period by the application of this ASU as compared to the guidance that was in effect before the change.
•	An explanation of the reasons for significant changes.

The Group will need to conduct a detailed review before the management can determine if the adoption of this ASU will have a material impact on its consolidated financial results or disclosures.

The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted.

Organization and principal activities (Tables)

12 Months Ended

Dec. 31, 2014

Organization and principal activities

Schedule of consolidated subsidiaries and VIEs

As of December 31, 2014, the Company's significant consolidated subsidiaries and VIEs consist of the following:

Name	Date of incorporation	Place of incorporation	Percentage of shareholdings			Principal activities
Guangzhou Vipshop Information Technology Co., Ltd.("Vipshop Information" or the "VIE")	August 22, 2008	China		VIE		Online retail
Vipshop International Holdings Limited ("Vipshop HK")	October 22, 2010	Hong Kong		100	%	Investment holding
Vipshop (China) Co., Ltd.(the "WOFE")	January 20, 2011	China		100	%	Warehousing, logistics, procurement, research and development, consulting
Vipshop (Kunshan) E-Commerce Co., Ltd. ("Vipshop Kunshan")	August 2, 2011	China		100	%	Warehousing and logistics
Vipshop (Jianyang) E-Commerce Co., Ltd. ("Vipshop Jianyang")	February 22, 2012	China		100	%	Warehousing and logistics
Vipshop (Tianjin) E-Commerce Co., Ltd. ("Vipshop Tianjin")	July 31, 2012	China		100	%	Warehousing and logistics
Guangzhou Pinwei Software Co., Ltd. ("Pinwei Software")	December 6, 2012	China		100	%	Software development and information technology support
Vipshop (Zhuhai) E-Commerce Co., Ltd. ("Vipshop Zhuhai")	July 16, 2013	China		100	%	Warehousing and logistics
Vipshop (Hubei) E-Commerce Co., Ltd. ("Vipshop Hubei")	July 4, 2013	China		100	%	Warehousing and logistics
Chongqing Vipshop E-Commerce Co., Ltd. ("Vipshop Chongqing")	October 22, 2013	China		100	%	Warehousing and logistics
Lefeng.com Limited ("Lefeng.com")	December 30, 2013	Cayman		75	%	Investment holding
Lefeng.com (Shanghai) Information Technology Co., Limited ("Lefeng Shanghai")	August 30, 2013	China		75	%	Online retail

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2014

Summary of Significant Accounting Policies

Schedule of Vipshop Information's total assets, total liabilities, total equity, net revenues, total operating expenses and net (loss) income attributable to the Company and after intercompany eliminations

	As of December 31,
	2013			2014
	$			$
Total assets		631,848,860			810,442,063
Current Liabilities:
Accounts payable		(70,026	)		(1,207,182	)
Advance from customers		(131,781,751	)		(196,213,904	)
Accrued expenses and other current liabilities		(101,097,647	)		(152,160,878	)
Amounts due to related parties		(1,369,767	)		(464,773	)
Deferred income		(20,592,249	)		(28,836,599	)

Total current liabilities		(254,911,440	)		(378,883,336	)

Total liabilities		(254,911,440	)		(378,883,336	)

Total equity		376,937,420			431,558,727

	Year ended December 31,
	2012			2013			2014
	$			$			$
Net revenues		691,975,575			1,694,782,751			3,066,493,585
Total operating expenses		(70,858,631	)		(204,766,265	)		(370,318,885	)
Net (loss) income		8,058,229			(1,946,318	)		26,586,960

Schedule of classification and estimated useful lives of plant and equipment

Classification		Estimated useful life
Furniture, fixtures and equipment		2 to 3 years
Leasehold improvements		Shorter of lease term or the estimated useful life of lease improvements
Motor vehicles		5 years
Software		3 years

Schedule of the estimated economic useful life

Classification		Estimated useful life
Customer relationship		5 years
Trademarks		2 - 5 years
Non-compete agreement		3 years
Domain name		2 - 3 years

Significant acquisition and equity transactions (Tables)

12 Months Ended

Dec. 31, 2014

Significant acquisition and equity transactions

Schedule of tangible assets acquired and liabilities assumed

	USD			Weighted average amortization period at the acquisition date (in years)
Working capital, net		(2,373,779	)
Liabilities assumed		(19,971,405	)
Net tangible assets acquired		6,596,403
Intangible assets		204,301,585
Including: Customer Relationships		48,391,371			5
Trademarks		144,430,367			5
Non-compete agreement		11,479,847			3
Goodwill		9,821,962
Deferred tax liabilities		(48,395,269	)
Noncontrolling interest		(37,479,497	)

Total consideration		112,500,000

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2014

Accounts Receivable.

Schedule of components of accounts receivable

	As of December 31,
	2013		2014
	$		$
Components of accounts receivable are as follows:
Delivery service providers(a)		573,085		5,426,784
Other trade receivables(b)		2,482,325		18,317,410
Other customers		36		1,253,211

Total		3,055,446		24,997,405

Note	a: For certain sales transactions, delivery service providers will collect payments from the Group's customers upon delivery of goods, and remit such payments back to the Group on a periodic basis.
Note	b: The Company provides lending to some of its suppliers, and record corresponding accounts receivables as it keeps the right of recourse.

Schedule of accounts receivable for more than 10%

	As of December 31
	2013			2014
Lending to supplier A		32	%		12	%
Lending to supplier B		15	%		10	%

- Definition

Tabular disclosure of the nature of a concentration, a benchmark to which it is compared, and the percentage that the risk is to the benchmark.

+ References+ Details

Other Receivables (Tables)

12 Months Ended

Dec. 31, 2014

Other Receivables

Schedule of the components of other receivables

	As of December 31
	2013		2014
	$		$
Components of other receivables are as follows:
Deposits (Note)		6,434,449		20,489,690
Cash advanced to staff		684,106		1,446,069
VAT receivable		8,395,774		58,378,785
Interest receivable		450,376		8,108,943
Other		516,327		240,139

Total		16,481,032		88,663,626

Note:

Deposits consist of amounts paid to vendors for advertising and rentals.

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2014

Property and Equipment, Net

Schedule of property and equipment, net

	As of December 31
	2013			2014
	$			$
Cost
Furniture, fixtures and equipment		27,332,339			76,039,704
Leasehold improvements		6,331,139			19,438,406
Motor vehicles and software		6,123,775			10,372,408
Construction in process		—			235,652,997

Sub-total		39,787,253			341,503,515
Less: accumulated depreciation		(15,487,835	)		(33,433,211	)

Property and equipment, net		24,299,418			308,070,304

Schedule of depreciation expenses charged into income statement

	Year ended December 31,
	2012		2013		2014
	$		$		$
Depreciation expenses were charged to:
Fulfillment expenses		2,265,757		3,167,289		4,671,695
Marketing expenses		6,648		17,127		374,149
Technology and content expenses		1,634,180		3,442,934		10,648,715
General and administrative expenses		620,537		2,211,543		2,250,817

Total		4,527,122		8,838,893		17,945,376

Prepaid land use rights (Tables)

12 Months Ended

Dec. 31, 2014

Prepaid land use rights

Schedule of prepaid land use rights

	As of December 31
	2013		2014
	$		$
Land in Zhaoqing City		—		13,214,473

Prepaid land use rights		—		13,214,473

Intangible assets, net (Tables)

12 Months Ended

Dec. 31, 2014

Intangible assets, net.

Schedule of of intangible assets

	As of December 31
	2013			2014
	$			$
Cost
Domain names		2,027,338			2,325,473
Customer Relationships		—			48,391,370
Trademarks		—			144,445,033
Non-compete agreement		—			11,479,848
Others		3,495,469			4,088,219

Intangible assets, cost		5,522,807			210,729,943
Less: Accumulated amortization		(228,434	)		(40,556,751	)
Less: Impairment of intangible asset (note)		—			(2,724,963	)

Intangible assets, net		5,294,373			167,448,229

Note:

The Group reassessed that the future undiscounted cash flow of certain trademarks is less than the carrying amount of the assets, impairment was recognized.

Investment in affiliates (Tables)

12 Months Ended

Dec. 31, 2014

Investment in affiliates

Schedule of investment in affiliates

	As of December 31
	2014
	$
Ovation		45,005,933
Explink		485,668
A PRC logistic company		827,289

Total		46,318,890

Goodwill (Tables)

12 Months Ended

Dec. 31, 2014

Goodwill

Schedule of the movements in carrying amount of goodwill by reportable unit

	Lefeng.com
	$
Balance as of January 1, 2013 and December 31, 2013		—
Addition for acquisitions		9,670,204

Balance as of December 31, 2014		9,670,204

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2014

Accrued Expenses and Other Current Liabilities

Schedule of Accrued Expenses and Other Current Liabilities

	As of December 31,
	2013		2014
	$		$
Accrued advertising expense		15,062,381		30,101,200
Accrued shipping and handling expenses		54,614,837		92,487,255
Accrued payroll		21,224,480		52,720,736
Social benefit provision		2,954,756		4,417,250
Deposits from delivery service providers		10,311,553		12,175,914
Other tax payable		5,018,107		17,206,359
Income tax payable		15,341,849		16,502,287
VAT tax payable		24,073,083		55,724,881
Accrued rental expenses		3,557,804		6,258,045
Accrued administrative expenses		8,679,322		5,222,956
Amounts received on behalf of third-party merchants (Note)		34,720,189		72,023,368
Interest payable		—		2,803,975
Others		769,158		9,617,104

Total		196,327,519		377,261,330

Note:

Amounts relate to the cash collected on behalf of third-party merchants which the Company provides platform access for sales of their products.

Other Income (Tables)

12 Months Ended

Dec. 31, 2014

Other Income

Schedule of components of other income

	Year ended December 31,
	2012		2013		2014
	$		$		$
Government grants		1,415,420		6,292,006		19,817,266
Claims for goods insurance		583,958		1,698,484		4,528,165
Others		563,943		717,997		776,592

Total other income		2,563,321		8,708,487		25,122,023

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Taxes

Schedule of components of income tax expense

	Year ended December 31,
	2012		2013			2014
	$		$			$
Current tax (note)		706,173		29,676,438			75,707,878
Deferred tax		—		(11,126,647	)		(35,729,733	)

Total tax expenses		706,173		18,549,791			39,978,145

Note:

All current tax was related to income tax in PRC.

Schedule of reconciliation of the income tax expense to income (loss) before income tax and share of loss of affiliates

	Year ended December 31,
	2012			2013			2014
	$			$			$
(Loss) income before income tax and share of loss of affiliates		(8,765,901	)		70,849,654			172,999,829
Computed income tax expense at PRC EIT tax rate		(2,191,475	)		17,712,413			43,249,958
Effect of non-deductible expenses, including:
—Share-based compensation expenses		1,899,237			3,114,066			9,197,612
—Inventory wastage (note)		(981,266	)		—			—
—Other non-deductible expenses		20,561			352,329			1,547,828
Effect of different tax rates of a subsidiary operating in other jurisdiction		135,975			(162,863	)		94,330
Effect of tax holidays on concessionary rates granted to PRC subsidiaries		(136,527	)		(1,963,422	)		(7,531,005	)
Effect of non-taxable income		—			—			(3,307,317	)
Change in valuation allowance		1,959,668			(502,732	)		(2,592,681	)
Others		—			—			(680,580	)

Actual income tax expenses		706,173			18,549,791			39,978,145

Note:

Inventory wastage represents subsequent reversal of prior year's non-deductible expenses upon approval by local tax bureau.

Schedule of aggregate amount and per share effect of the tax holidays and tax concessions

	Year ended December 31,
	2012		2013		2014
	$		$		$
The aggregate effect		136,527		1,963,422		7,531,005
Per share effect:
Class A ordinary share:
—basic		0.00		0.02		0.07
—diluted		0.00		0.02		0.07
Class B ordinary share:
—basic		0.00		0.02		0.07
—diluted		0.00		0.02		0.07

Schedule of the principal components of deferred tax assets

	As of December 31,
	2013			2014
	$			$
Deferred tax assets:
Net operating loss carry forwards		33,928			10,521,107
Allowance for doubtful debts		65,368			263,186
Allowance for intangible assets and other investment		—			1,102,710
Inventory write-down		5,059,396			3,063,700
Payroll payable and other accruals		4,460,609			9,614,072
Deferred revenue		12,648,865			17,431,043
Advertising expenses		625,384			3,925,162
Others		153,906			156,732
Foreign exchange (note)		(827,062	)		45
Less: valuation allowance		(11,093,747	)		(8,501,066	)

Total deferred tax assets		11,126,647			37,576,691


Deferred tax liability :
Intangible assets		—			39,115,580

Total deferred tax liability		11,126,647			39,115,580

Note:

Earnings (loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2014

Earnings (loss) Per Share

Schedule of securities excluded from the computation of diluted net earnings per share in the periods presented, as their effects would have been anti-dilutive

	As of December 31,
	2012		2013		2014
Employee Stock Options		6,657,794		—		—
Non-vested ordinary shares		741,500		—		—

Schedule of calculations of basic earnings (loss) per share and diluted earnings per share

	Year ended December 31,
	2012			2013		2014
	$			$		$
Numerator:
Net (loss) income attributable to Vipshop Holdings Limited's ordinary shareholders		(9,472,074	)		52,299,863		137,259,907


Denominator:
Net earnings per Class A share
Weighted-average ordinary shares, outstanding—basic		72,338,848			92,452,279		96,800,324
Weighted-average ordinary shares, outstanding—diluted		72,338,848			98,984,815		103,717,226
Basic net (loss) earnings per share		(0.11	)		0.48		1.21
Diluted net (loss) earnings per share		(0.11	)		0.45		1.14
Net earnings per Class B share
Weighted-average ordinary shares, outstanding—basic		16,510,358			16,510,358		16,510,358
Weighted-average ordinary shares, outstanding—diluted		16,510,358			16,510,358		16,510,358
Basic net (loss) earnings per share		(0.11	)		0.48		1.21
Diluted net (loss) earnings per share		(0.11	)		0.45		1.14

Commitments and contingencies (Tables)

12 Months Ended

Dec. 31, 2014

Commitments and contingencies

Schedule of minimum lease payments under all non-cancellable leases

As of December 31, 2014, minimum lease payments under all non-cancellable leases were as follows:

	$
Year ending December 31, 2015		37,404,447
Year ending December 31, 2016		33,212,335
Year ending December 31, 2017		27,455,079
Year ending December 31, 2018		26,415,106
Year ending December 31, 2019		22,378,306
Over December 31, 2019		23,500,697

Total minimum lease payments		170,365,970

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2014

Related Party Transactions

Schedule of material related party transactions

	Year ended December 31,
	2012		2013		2014
	$		$		$
Purchase of goods (Note)		6,663,431		3,688,492		95,526,134

Note:

The goods were purchased from an affiliate of the Company and companies controlled or significantly influenced by shareholders.

Share-based Payments (Tables)

12 Months Ended

Dec. 31, 2014

Share-based Payments

Schedule of share options were granted to executive officers, employees and a non-employee of the Group under the 2011, 2012 and 2014 stock incentive plans

Grant date	Exercise Price per share		Number of options		Vesting period
	$
March 18, 2011		0.5		1,470,000	36% of the shares shall vest at the first anniversary of the grant date, and 1/36th of the total shares shall vest at the end of each month thereafter
March 18, 2011		0.5		183,750	29% of the shares shall vest at the first anniversary of the grant date, and 1/48th of the total shares shall vest at the end of each month thereafter
March 18, 2011		0.5		735,000	37.5% of the shares shall vest at the first anniversary of the grant date, and 1/48th of the total shares shall vest at the end of each month thereafter
March 18, 2011		0.5		735,000	56% of the shares shall vest at the first anniversary of the grant date, and 1/48th of the total shares shall vest at the end of each month thereafter
March 18, 2011		0.5		367,500	33% of the shares shall vest at the first anniversary of the grant date, and 1/48th of the total shares shall vest at the end of each month thereafter
March 28, 2011		0.5		945,000	25% of the shares shall vest at the first anniversary of the grant date, and 1/48th of the total shares shall vest at the end of each month thereafter
July 10, 2011		0.5		50,000	25% of the shares shall vest at the first anniversary of the grant date, and 1/48th of the total shares shall vest at the end of each month thereafter
August 30, 2011		2.52		819,638	25% of the shares shall vest at the first anniversary of the grant date, and 1/48th of the total shares shall vest at the end of each month thereafter
November 30, 2011		2.52		551,250	25% of the shares shall vest at the first anniversary of the grant date, and 1/48th of the total shares shall vest at the end of each month thereafter
November 30, 2011		2.50		1,310,000	25% of the shares shall vest at the first anniversary of the grant date, and 1/48th of the total shares shall vest at the end of each month thereafter
February 1, 2012		2.52		204,910	25% of the shares shall vest at the first anniversary of the grant date, and 1/48th of the total shares shall vest at the end of each month thereafter
April 16, 2012		2.50		553,138	25% of the shares shall vest at the first anniversary of the grant date, and 1/48th of the total shares shall vest at the end of each month thereafter
January 1, 2013		0.50		400,000	25% of the shares shall vest at the first anniversary of the grant date, and 1/48th of the total shares shall vest at the end of each month thereafter
March 22, 2013		2.50		50,569	25% of the shares shall vest at the first anniversary of the grant date, and 1/48th of the total shares shall vest at the end of each month thereafter

Share-based Payments

Schedule of share option movements

	Options outstanding			Weighted average exercise price per share		Weighted average remaining contractual life per share	Weighted average fair value at grant date		Weighted average intrinsic value per option		Aggregate intrinsic value
				$			$		$		$
As of January 1, 2012		7,167,138			1.25
Granted		758,048			2.51			1.91				449,469
Exercised		(146,316	)		1.31			3.62				840,014
Forfeited		(376,028	)		0.90			1.88

Outstanding as of December 31, 2012		7,402,842			1.16			4.13				57,439,086
Granted		450,569			0.72			8.88				18,525,384
Exercised		(1,905,026	)		1.18			3.95				77,465,467
Forfeited		(507,625	)		0.84			3.09

Outstanding as of December 31, 2013		5,440,760			1.18	1.37 years		6.31		40.66		221,196,775
Exercised		(1,883,977	)		0.95	0.38 years		3.38		96.75		182,277,923
Forfeited		(151,874	)		2.52	1.19 years		5.21

Outstanding as of December 31, 2014		3,404,909			1.26	0.69 years


Non vested as of December 31, 2014		1,085,116						4.54


Options vested and expected to vest as of December 31, 2014		3,335,983			1.24	0.69 years						321,799,276


Exercisable as of December 31, 2014		2,319,793			1.06	0.50 years						224,175,454

Schedule of fair value of the options immediately before and after the modification

	Before Modification	After Modification
Expected dividend yield	0%	0%
Risk-free interest rate	3.00%	3.00%
Expected volatility	42.55%	42.55%
Expected life	4.5 years	4.5 years
Exercise multiples	2.2 times	2.2 times
Fair value of underlying ordinary shares	2.78	2.78
Exercise price	2.52	0.50

Schedule of Non-vested granted shares

Grant date	Number of options		Fair value on grant date
			$
June 1, 2012		367,500		2.76
September 30, 2012		340,000		3.75
October 1, 2012		34,000		3.70
January 1, 2013		546,000		8.92
January 1, 2013		15,000		8.92
March 22, 2013		10,000		14.31
April 1, 2013		471,000		14.93
April 1, 2013		5,000		14.93
April 1, 2013		25,000		14.93
September 30, 2013		407,000		21.21
September 30, 2013		4,600		21.21
January 1, 2014		200,000		41.84
January 1, 2014		360,000		41.84
January 1, 2014		120,000		41.84
January 20, 2014		338,100		50.02
March 1, 2014		175,340		65.66
March 1, 2014		62,690		65.66
April 1, 2014		117,500		79.83
April 1, 2014		66,000		79.83
May 1, 2014		101,000		74.28
June 1, 2014		53,700		81.33
July 1, 2014		85,600		97.80
August 1, 2014		50,800		103.97
September 1, 2014		9,600		98.32
October 1, 2014		91,000		91.69
November 1, 2014		67,000		114.65
December 1, 2014		34,350		114.30

Summary of information regarding the shares granted during the year

	Non-vested shares outstanding
Outstanding as of December 31, 2013		1,749,035
Granted		1,932,680
Vested		(988,723	)
Forfeited		(244,213	)

Outstanding as of December 31, 2014		2,448,779.00

Schedule of share-based compensation expenses

	Year ended December 31,
	2012			2013			2014
	$			$			$
Fulfillment expenses		(292,866	)		(721,531	)		(1,765,664	)
Marketing expenses		(169,100	)		(381,326	)		(2,821,468	)
Technology and content expenses		(897,133	)		(3,275,228	)		(16,831,098	)
General and administrative expenses		(6,237,850	)		(8,078,178	)		(15,372,217	)

		(7,596,949	)		(12,456,263	)		(36,790,447	)

Binomial model

Share-based Payments

Schedule of assumptions used in determining the fair value of the share options

Assumptions	2012	2013
Expected dividend yield	0%	0%
Risk-free interest rate	2.54% - 3.00%	3.19% - 3.30%
Expected volatility	51.33% - 53.12%	24.09% - 34.77%
Expected life	10 years	10 years
Exercise multiples	2.2 to 2.8 times	2.2 to 2.8 times
Weighted average fair value of underlying ordinary shares	8.36	8.88

Segment information (Tables)

12 Months Ended

Dec. 31, 2014

Segment information

Schedule of revenues from different product groups and services

	Year ended December 31,
	2012		2013		2014
	$		$		$
Product revenues
Apparel		296,463,332		757,132,824		1,558,875,302
Shoes and bags		84,801,417		245,095,274		567,262,879
Cosmetics		75,221,908		107,069,891		487,311,778
Sportswear and sporting goods		70,721,110		140,340,540		210,035,825
Home goods and other lifestyle products		68,810,873		143,484,624		210,325,141
Toys, kids and baby		34,544,067		89,129,541		256,981,287
Other goods		59,494,542		198,308,159		410,391,663

		690,057,249		1,680,560,853		3,701,183,875
Other revenues		2,055,715		16,111,882		72,473,670

Total net revenues		692,112,964		1,696,672,735		3,773,657,545

Organization and principal activities (Details) In Millions, unless otherwise specified	0 Months Ended	12 Months Ended					12 Months Ended											12 Months Ended
	Aug. 27, 2010 item	Dec. 31, 2014 Original Investors item	Dec. 31, 2014 Vipshop HK	Dec. 31, 2014 WOFE	Jan. 20, 2011 WOFE USD ($)	Jan. 20, 2011 WOFE CNY	Dec. 31, 2014 Vipshop Kunshan	Dec. 31, 2014 Vipshop Jianyang	Dec. 31, 2014 Vipshop Tianjin	Dec. 31, 2014 Pinwei Software	Dec. 31, 2014 Vipshop Zhuhai	Dec. 31, 2014 Vipshop Hubei	Dec. 31, 2014 Vipshop Chongqing	Dec. 31, 2014 Lefeng	Dec. 31, 2014 Lefeng Shanghai	Jun. 24, 2014 Lefeng Information Mr. Eric Ya Shen	Jun. 24, 2014 Lefeng Information Mr. Zhihui Yu	Dec. 31, 2014 Variable Interest Entity item
Organization and principal activities
Number of investors	5	3																5
Initial registered capital on the date of incorporation					$ 1.6	10.0
Percentage Ownership Interest																75.00%	25.00%
Percentage of shareholdings			100.00%	100.00%			100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	75.00%	75.00%

Summary of Significant Accounting Policies (Details)	0 Months Ended	12 Months Ended						1 Months Ended					12 Months Ended			12 Months Ended
Summary of Significant Accounting Policies (Details)	Aug. 27, 2010 item	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Dec. 31, 2014 Variable Interest Entity USD ($) item	Dec. 31, 2013 Variable Interest Entity USD ($)	Dec. 31, 2012 Variable Interest Entity USD ($)	Oct. 31, 2012 Variable Interest Entity Mr. Shen	Dec. 31, 2012 Variable Interest Entity Mr. Shen	Dec. 31, 2012 Variable Interest Entity Mr. Arthur Xiaobo Hong	Dec. 31, 2012 Variable Interest Entity Mr. Bin Wu	Dec. 31, 2012 Variable Interest Entity Mr. Xing Peng	Dec. 31, 2014 Variable Interest Entity WOFE Exclusive Business Cooperation Agreement item	Dec. 31, 2014 Variable Interest Entity WOFE Exclusive Option Agreements USD ($)	Dec. 31, 2014 Variable Interest Entity WOFE Exclusive Option Agreements CNY	Dec. 31, 2014 Variable Interest Entity WOFE Amended and Restated Exclusive Business Cooperation Agreement	Dec. 31, 2014 Variable Interest Entity WOFE Amended and Restated Exclusive Option Agreement	Dec. 31, 2014 Variable Interest Entity WOFE Exclusive Purchase Framework Agreement
Principles of consolidation
Fees payable in consideration of services, as a percentage of net income													100.00%			100.00%
Number of parties under the agreement													2
Term of agreement													10 years			10 years	10 years	5 years
Purchase price of the right to purchase equity interest of each equity holder of VIE														$ 1.65	10
Number of days of which a prior written notice is required to terminate the agreement																30 days		15 days
Number of investors	5				5
Equity interest transferred from one of the former shareholder to an existing shareholder (as a percent)								10.40%
Equity interest (as a percent)									52.00%	26.00%	11.60%	10.40%
Financial position of the VIE
Total assets					810,442,063	631,848,860
Current Liabilities:
Accounts payable		(986,567,345)	(476,847,881)		(1,207,182)	(70,026)
Advance from customers		(229,335,438)	(131,781,751)		(196,213,904)	(131,781,751)
Accrued expenses and other current liabilities		(377,261,330)	(196,327,519)		(152,160,878)	(101,097,647)
Amounts due to related parties		(12,214,227)	(2,141,411)		(464,773)	(1,369,767)
Deferred income		(31,357,338)	(21,705,981)		(28,836,599)	(20,592,249)
Total current liabilities		(1,636,735,678)	(828,804,543)		(378,883,336)	(254,911,440)
Total liabilities					(378,883,336)	(254,911,440)
Total equity					431,558,727	376,937,420
Results of operation of the VIE
Net revenues		3,773,657,545	1,696,672,735	692,112,964	3,066,493,585	1,694,782,751	691,975,575
Total operating expenses		(827,448,912)	(362,654,007)	(168,981,998)	(370,318,885)	(204,766,265)	(70,858,631)
Net (loss) income		122,789,192	52,299,863	(9,472,074)	26,586,960	(1,946,318)	8,058,229
Assets collateralizing obligations of variable interest entity					$ 0	$ 0

Summary of Significant Accounting Policies (Details 2) (USD $)	12 Months Ended			36 Months Ended	12 Months Ended										12 Months Ended
	Dec. 31, 2014 item	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2014 Customer relationship	Dec. 31, 2014 Non-compete agreement	Dec. 31, 2014 Minimum Trademark	Dec. 31, 2014 Minimum Domain name	Dec. 31, 2014 Maximum Trademark	Dec. 31, 2014 Maximum Domain name	Dec. 31, 2014 Notes	Dec. 31, 2013 Notes	Dec. 31, 2012 Notes	Mar. 17, 2014 Notes	Dec. 31, 2014 Vip.com	Dec. 31, 2014 Lefeng.com	Dec. 31, 2014 Furniture, fixtures and equipment Minimum	Dec. 31, 2014 Furniture, fixtures and equipment Maximum	Dec. 31, 2014 Motor vehicles	Dec. 31, 2014 Software.
Inventories
General write-down				$ 0
Summary of Significant Accounting Policies.
Estimated useful lives																	2 years	3 years	5 years	3 years
Residual value of furniture, fixtures and equipment and motor vehicles (as a percent)	5.00%			5.00%
Capitalization of interest
Interest rate (as a percent)											1.50%			1.50%
Interest expenses incurred											13,750,915	0	0
Interest expenses capitalized											1,473,763	0	0
Prepaid land use rights
Amortization period for prepaid land use rights	50 years
Intangible assets, net
Estimated useful life					5 years	3 years	2 years	2 years	5 years	3 years
Other investments.
Impairment Loss On Other Investment	1,006,083	0	0
Impairment of long-lived assets
Impairments	0	0	0
Revenue recognition
Period of unconditional right of return offered to customers															7 days	45 days
Rate of surcharges and value added tax as a percentage of gross sales	17.00%
Number of points that can be earned by customers for one RMB of purchase made	1
Period of expiration of discount coupons after redemption	3 months
Deferred revenue related to reward points earned from prior purchases	27,593,250	18,814,448		27,593,250
Rate of business tax as a percentage of service revenues earned	5.00%
Rate of business tax as a percentage of value-added tax	6.00%
Cost of goods sold
Inventory write-down	35,585,311	33,883,024	12,166,659
Marketing expenses
Advertising expenses	$ 128,514,842	$ 71,025,704	$ 29,332,178

Summary of Significant Accounting Policies (Details 3) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Foreign Currency Transactions and Translations
Cash and cash equivalents denominated in RMB	$ 772,128,894	$ 334,715,019	$ 124,472,629	$ 44,954,778
Value added taxes
Rate of VAT levied on PRC subsidiaries of the company (as a percent)	17.00%
Fair value of financial instruments
Convertible senior notes	621,310,950	0
Fair value of convertible senior notes	756,982,325	0
Foreign currency risk \| Denominated in RMB
Foreign Currency Transactions and Translations
Cash and cash equivalents denominated in RMB	$ 663,782,833	$ 333,821,679

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References+ Details

Significant acquisition and equity transactions (Details) (USD $)	12 Months Ended	0 Months Ended	12 Months Ended		12 Months Ended		12 Months Ended
	Dec. 31, 2014	Feb. 14, 2014 Lefeng	Dec. 31, 2014 Customer relationship	Feb. 14, 2014 Customer relationship Lefeng	Dec. 31, 2014 Trademark	Feb. 14, 2014 Trademark Lefeng	Dec. 31, 2014 Non-compete agreement	Feb. 14, 2014 Non-compete agreement Lefeng
Business Acquisition
Equity interest acquired (as a percent)		75.00%
Acquisition cost amounted in general and administrative expenses		$ 505,780
Payments to Acquire Businesses, Net of Cash Acquired	112,500,000	112,500,000
Working capital, net		(2,373,779)
Liabilities assumed		(19,971,405)
Net tangible assets acquired		6,596,403
Intangible assets		204,301,585		48,391,371		144,430,367		11,479,847
Goodwill	9,670,204	9,821,962
Deferred tax liabilities		(48,395,269)
Noncontrolling interest		(37,479,497)
Total consideration		$ 112,500,000
Weighted average amortization period at the acquisition date			5 years		5 years		3 years

Significant acquisition and equity transactions (Details) (Ovation, USD $)	0 Months Ended
	Feb. 21, 2014	Dec. 31, 2014
Ovation
Schedule of Equity Method Investments [Line Items]
Equity method ownership interest percentage	23.00%	23.00%
Consideration transferred for acquisition of interest in equity method investment	$ 55,776,955

Accounts Receivable (Details) (USD $)	12 Months Ended
Accounts Receivable (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Accounts receivable
Accounts receivable	$ 24,997,405	$ 3,055,446
Delivery service providers
Accounts receivable
Accounts receivable	5,426,784	573,085
Other trade receivables
Accounts receivable
Accounts receivable	18,317,410	2,482,325
Other customers
Accounts receivable
Accounts receivable	$ 1,253,211	$ 36
Lending to supplier A \| Total accounts receivable \| Accounts receivable
Accounts receivable
Concentration risk (as a percent)	12.00%	32.00%
Lending to supplier B \| Total accounts receivable \| Accounts receivable
Accounts receivable
Concentration risk (as a percent)	10.00%	15.00%

Other Receivables (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Other Receivables
Deposits (Note)	$ 20,489,690	$ 6,434,449
Cash advanced to staff	1,446,069	684,106
VAT receivable	58,378,785	8,395,774
Interest receivable	8,108,943	450,376
Others	240,139	516,327
Total	$ 88,663,626	$ 16,481,032

- Definition

Amounts due from an Entity employee, not to include stockholders or officers, which are usually due within 1 year (or 1 business cycle).

+ References+ Details

Held-to-maturity securities (Details) (Debt securities, USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Debt securities
Held-to-maturity securities
Amortized cost	$ 607,345,904	$ 385,841,626
Amount of unrealized holding gain	8,193,662	4,256,810
Amount of impairment recognized for held-to-maturity securities	0	0
Amount of held-to-maturity securities sold	$ 0	$ 0

Property and Equipment, Net (Details) (USD $)	12 Months Ended
Property and Equipment, Net (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Property and Equipment, Net
Property and equipment, gross	$ 341,503,515	$ 39,787,253
Less: accumulated depreciation	(33,433,211)	(15,487,835)
Property and equipment, net	308,070,304	24,299,418
Depreciation expenses	17,945,376	8,838,893	4,527,122
Fulfillment expenses
Property and Equipment, Net
Depreciation expenses	4,671,695	3,167,289	2,265,757
Marketing expenses
Property and Equipment, Net
Depreciation expenses	374,149	17,127	6,648
Technology and content expenses
Property and Equipment, Net
Depreciation expenses	10,648,715	3,442,934	1,634,180
General and administrative expenses
Property and Equipment, Net
Depreciation expenses	2,250,817	2,211,543	620,537
Furniture, fixtures and equipment
Property and Equipment, Net
Property and equipment, gross	76,039,704	27,332,339
Leasehold improvements
Property and Equipment, Net
Property and equipment, gross	19,438,406	6,331,139
Motor vehicles and software
Property and Equipment, Net
Property and equipment, gross	10,372,408	6,123,775
Construction in process
Property and Equipment, Net
Property and equipment, gross	$ 235,652,997

Prepaid land use rights (Details) (USD $)	12 Months Ended
Prepaid land use rights (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Prepaid land use rights
Land in Zhaoqing City	$ 13,214,473
Prepaid land use rights	13,214,473
Amortization expenses for land use rights	$ 111,046	$ 0	$ 0

Intangible assets, net (Details) (USD $)	12 Months Ended
Intangible assets, net (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Finite-Lived Intangible Assets
Cost	$ 210,729,943	$ 5,522,807
Less: Accumulated amortization	(40,556,751)	(228,434)
Less: Impairment of intangible asset	(2,724,963)
Intangible assets, net	167,448,229	5,294,373
Amortization expenses for intangible assets	40,328,316	229,456	4,801
Expected amortization expenses
2015	42,790,451
2016	42,790,451
2017	39,225,535
2018	38,469,296
2019	4,172,496
Domain name
Finite-Lived Intangible Assets
Cost	2,325,473	2,027,338
Customer relationship
Finite-Lived Intangible Assets
Cost	48,391,370
Trademark
Finite-Lived Intangible Assets
Cost	144,445,033
Non-compete agreement
Finite-Lived Intangible Assets
Cost	11,479,848
Others
Finite-Lived Intangible Assets
Cost	$ 4,088,219	$ 3,495,469

Investment in affiliates (Details) (USD $)	12 Months Ended
Investment in affiliates (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014 Ovation	Feb. 21, 2014 Ovation	Dec. 31, 2014 Explink	Dec. 31, 2014 A PRC Logistic Company
Investment in affiliates
Equity method ownership interest percentage				23.00%	23.00%	37.50%	30.00%
Share of loss of affiliates	$ (10,232,492)	$ 0	$ 0
Investments in affiliates (Note 10)	$ 46,318,890			$ 45,005,933		$ 485,668	$ 827,289

- Definition

This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.

+ References+ Details

Goodwill (Details) (USD $)	12 Months Ended
Goodwill (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Carrying amount of goodwill
Balance at end of period	$ 9,670,204
Lefeng
Carrying amount of goodwill
Addition for acquisitions	9,670,204
Balance at end of period	9,670,204
Impairment loss	$ 0	$ 0

Accrued Expenses and Other Current Liabilities (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Accrued Expenses and Other Current Liabilities
Accrued advertising expense	$ 30,101,200	$ 15,062,381
Accrued shipping and handling expenses	92,487,255	54,614,837
Accrued payroll	52,720,736	21,224,480
Social benefit provision	4,417,250	2,954,756
Deposits from delivery service providers	12,175,914	10,311,553
Other tax payable	17,206,359	5,018,107
Income tax payable	16,502,287	15,341,849
VAT tax payable	55,724,881	24,073,083
Accrued rental expenses	6,258,045	3,557,804
Accrued administrative expenses	5,222,956	8,679,322
Amounts received on behalf of third-party merchants	72,023,368	34,720,189
Interest payable	2,803,975
Others	9,617,104	769,158
Total	$ 377,261,330	$ 196,327,519

Convertible Senior Notes (Details) (USD $)				12 Months Ended		0 Months Ended
Convertible Senior Notes (Details) (USD $)	Nov. 03, 2014 ADS	Nov. 02, 2014 ADS	Mar. 17, 2014 ADS	Dec. 31, 2014 Notes	Mar. 17, 2014 Notes	Nov. 03, 2014 Notes ADS	Dec. 31, 2014 Notes ADS	Mar. 17, 2014 Notes ADS
Convertible Senior Notes
Aggregate principal amount of convertible notes					$ 632,500,000
ADS ratio to ordinary shares	5	0.20						2
Interest rate (as a percent)				1.50%	1.50%
Ordinary shares, par value			$ 0.001
Conversion ratio						49.693
Conversion price per $1,000 of principal amount						$ 20.124	$ 201.24
Redemption price due to fundamental change as percentage of principal amount				100.00%
Discounts to initial purchaser				14,231,250
Debt issuance costs				$ 1,078,091

Distribution of Profit (Details) (USD $)	12 Months Ended
Distribution of Profit (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Distribution of Profit
Reserve level threshold for mandatory transfer requirement (as a percent)	50.00%
Percentage of annual appropriation to general reserve fund required	10.00%
Transferred to general reserve	$ 22,155,945	$ 8,985,792	$ 266,478
Distribution of Profit
Amount of restricted capital and reserves not available for dividend distribution	183,829,188	153,829,188
WOFE
Distribution of Profit
Amount of restricted capital and reserves not available for dividend distribution	180,000,000	150,000,000
Variable Interest Entity
Distribution of Profit
Amount of restricted capital and reserves not available for dividend distribution	$ 3,829,188	$ 3,829,188

Capital Structure (Details) (USD $)	0 Months Ended		12 Months Ended					0 Months Ended						0 Months Ended	12 Months Ended			1 Months Ended		0 Months Ended			1 Months Ended						0 Months Ended
Capital Structure (Details) (USD $)	Mar. 17, 2014	Aug. 27, 2010 item	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014 Notes	Mar. 17, 2014 Notes	Mar. 17, 2014 Initial public offering	Mar. 17, 2014 Initial public offering Notes	Mar. 17, 2014 Follow-on offering Notes	Mar. 31, 2012 2012 Plan	Dec. 31, 2014 Series A and Series B Preferred Shares investors	Dec. 31, 2013 Series A and Series B Preferred Shares investors	Sep. 15, 2014 Class A ordinary shares item	Dec. 31, 2014 Class A ordinary shares	Dec. 31, 2013 Class A ordinary shares	Dec. 31, 2012 Class A ordinary shares	Mar. 31, 2012 Class A ordinary shares Initial public offering	Mar. 31, 2013 Class A ordinary shares Follow-on offering	Sep. 15, 2014 Class B ordinary shares item	Dec. 31, 2014 Class B ordinary shares	Dec. 31, 2013 Class B ordinary shares	Mar. 31, 2012 Series A Preferred Shares Initial public offering	Mar. 31, 2012 Series B Preferred Shares Initial public offering	Nov. 03, 2014 ADS	Nov. 02, 2014 ADS	Mar. 17, 2014 ADS	Mar. 17, 2014 ADS Notes	Mar. 17, 2014 ADS Initial public offering
Capital Structure
Number of original investors who held ownership interest in the entity		5
Outstanding ordinary shares															98,028,314	95,155,614					16,510,358	16,510,358
Aggregate amount of loan agreements entered into with preferred shares investors												$ 843,940	$ 1,200,559
Number of shares issued to investors								2,280,000										22,009,200	8,000,000										1,140,000
Number of additional ADSs from certain selling shareholders	171,000
Public offering price (per ADS)																											$ 143.74
Aggregate principal amount of convertible notes							632,500,000		550,000,000	82,500,000
Number of votes entitled per share														1						10
Interest rate (as a percent)						1.50%	1.50%
ADS ratio to ordinary shares																									5	0.20		2
Total consideration for shares issued to investors				91,920,000	66,022,797													66,022,797
Direct costs of equity issuance																		3,332,962	1,571,688
Stock based compensation			36,790,447	12,456,263	7,596,949
Maximum aggregate number of shares											9,000,000
Shares converted																							20,212,500	12,682,206
Gross proceeds received on share issuance																			$ 91,920,000
Shares issued as a result of exercises of share options by employees			1,883,977	1,905,026	146,316
Proceeds from issuance of ordinary shares upon vesting of shares awards															988,723	476,065	0

Other Income (Details) (USD $)	12 Months Ended
Other Income (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Other Income
Government grants	$ 19,817,266	$ 6,292,006	$ 1,415,420
Claims for Goods insurance	4,528,165	1,698,484	583,958
Others	776,592	717,997	563,943
Total other income	$ 25,122,023	$ 8,708,487	$ 2,563,321

Income Taxes (Details)	12 Months Ended												12 Months Ended
Income Taxes (Details)	Dec. 31, 2014 USD ($)	Dec. 31, 2014 CNY	Dec. 31, 2013 USD ($)	Dec. 31, 2013 CNY	Dec. 31, 2012 USD ($)	Dec. 31, 2014 Cayman Islands	Dec. 31, 2014 Hong Kong	Dec. 31, 2013 Hong Kong	Dec. 31, 2012 Hong Kong	Dec. 31, 2014 People's Republic of China USD ($)	Dec. 31, 2014 People's Republic of China CNY	Dec. 31, 2013 People's Republic of China USD ($)	Dec. 31, 2014 People's Republic of China Resident Enterprise	Dec. 31, 2014 People's Republic of China Non-Resident Enterprise	Dec. 31, 2014 People's Republic of China Vipshop Chongqing	Dec. 31, 2014 People's Republic of China Vipshop Jianyang	Dec. 31, 2014 Class A ordinary shares USD ($)	Dec. 31, 2013 Class A ordinary shares USD ($)	Dec. 31, 2012 Class A ordinary shares USD ($)	Dec. 31, 2014 Class B ordinary shares USD ($)	Dec. 31, 2013 Class B ordinary shares USD ($)	Dec. 31, 2012 Class B ordinary shares USD ($)
Income Taxes
Withholding tax upon payments of dividends (as a percent)						0.00%
Current rate of taxation (as a percent)							16.50%	16.50%	16.50%
Income tax rate (as a percent)										25.00%	25.00%		25.00%
Preferential tax rate (as a percent)															15.00%	15.00%
Threshold annual primary business revenue as percentage of total enterprise revenue										70.00%	70.00%
Unrecognized tax benefits	$ 0		$ 0
Period of statute of limitations, if underpayment of income taxes is due to computational errors										3 years	3 years
Period of statute of limitations under special circumstances not clearly defined										5 years	5 years
Minimum underpayment of income tax liability subject to five years statute of limitations											100,000
Minimum underpayment of income tax liability, which attracts five years statute of limitations										16,315
Period of statute of limitations in case of transfer pricing related adjustment										10 years	10 years
Components of income tax expense
Current tax	75,707,878		29,676,438		706,173
Deferred tax	(35,729,733)		(11,126,647)
Total tax expenses	39,978,145		18,549,791		706,173
Withholding tax rate for dividends paid by PRC subsidiaries (as a percent)														10.00%
Threshold percentage ownership by residents which meet the criteria of beneficial owner in the Hong Kong SAR for withholding tax (as a percent)														25.00%
Withholding tax rate for subsidiary 25% or more directly owned by residents which meet the criteria of beneficial owner in Hong Kong SAR (as a percent)														5.00%
Undistributed earnings of the Group's subsidiaries and the VIE in the PRC	296,500,000	1,839,900,000	82,100,000	497,100,000
Deferred income tax liability not recorded in respect of undistributed earnings	14,800,000	92,000,000	4,140,000	24,900,000
Provision for the Chinese dividend withholding taxes		0		0
Reconciliation of the income tax expense to income (loss) before income tax and share of loss of affiliates
(Loss) income before income tax and share of loss of affiliates	172,999,829		70,849,654		(8,765,901)
Computed income tax expense at PRC EIT tax rate	43,249,958		17,712,413		(2,191,475)
Effect of non-deductible expenses, including:
Share-based compensation expenses	9,197,612		3,114,066		1,899,237
Inventory wastage					(981,266)
Other non-deductible expenses	1,547,828		352,329		20,561
Effect of different tax rates of a subsidiary operating in other jurisdiction	94,330		(162,863)		135,975
Effect of tax holidays on concessionary rates granted to PRC subsidiaries	(7,531,005)		(1,963,422)		(136,527)
Effect of non-taxable income	(3,307,317)
Change in valuation allowance	(2,592,681)		(502,732)		1,959,668
Others	(680,580)
Total tax expenses	39,978,145		18,549,791		706,173
Aggregate amount and per share effect of the tax holidays and tax concessions
The aggregate effect	7,531,005		1,963,422		136,527
Per share effect - basic (in dollars per share)																	$ 0.07	$ 0.02	$ 0.00	$ 0.07	$ 0.02	$ 0.00
Per share effect - diluted (in dollars per share)																	$ 0.07	$ 0.02	$ 0.00	$ 0.07	$ 0.02	$ 0.00
Deferred tax assets:
Net operating loss carry forwards	10,521,107		33,928
Allowance for doubtful debts	263,186		65,368
Allowance for intangible assets and other investment	1,102,710
Inventory write-down	3,063,700		5,059,396
Payroll payable and other accruals	9,614,072		4,460,609
Deferred revenue	17,431,043		12,648,865
Advertising expenses	3,925,162		625,384
Others	156,732		153,906
Foreign exchange (note)	45		(827,062)
Less: valuation allowance	(8,501,066)		(11,093,747)
Total deferred tax assets	37,576,691		11,126,647
Deferred tax liability:
Intangible assets	39,115,580
Total deferred tax liability	39,115,580		11,126,647
Tax loss carried forward of certain subsidiaries and the variable interest entity										$ 44,547,888		$ 204,350

Earnings (loss) Per Share (Details)	12 Months Ended
Earnings (loss) Per Share (Details)	Dec. 31, 2012
Employee Stock Options
Earnings (loss) Per Share
Securities excluded from the computation of diluted net earnings per share (in shares)	6,657,794
Non-vested ordinary shares
Earnings (loss) Per Share
Securities excluded from the computation of diluted net earnings per share (in shares)	741,500

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References+ Details

Earnings (loss) Per Share (Details 2) (USD $)	12 Months Ended
Earnings (loss) Per Share (Details 2) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Numerator:
Net (loss) income attributable to Vipshop Holdings Limited's shareholders	$ 137,259,907	$ 52,299,863	$ (9,472,074)
Class A ordinary shares
Denominator:
Weighted-average ordinary shares, outstanding-basic	96,800,324	92,452,279	72,338,848
Weighted-average ordinary shares, outstanding-diluted	103,717,226	98,984,815	72,338,848
Basic net (loss) earnings per share (in dollars per share)	$ 1.21	$ 0.48	$ (0.11)
Diluted net (loss) earnings per share (in dollars per share)	$ 1.14	$ 0.45	$ (0.11)
Class B ordinary shares
Denominator:
Weighted-average ordinary shares, outstanding-basic	16,510,358	16,510,358	16,510,358
Weighted-average ordinary shares, outstanding-diluted	16,510,358	16,510,358	16,510,358
Basic net (loss) earnings per share (in dollars per share)	$ 1.21	$ 0.48	$ (0.11)
Diluted net (loss) earnings per share (in dollars per share)	$ 1.14	$ 0.45	$ (0.11)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References+ Details

Commitments and contingencies (Details) (USD $)	12 Months Ended
Commitments and contingencies (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Commitments and contingencies
Rental expenses	$ 26,648,363	$ 13,683,638	$ 7,500,451
Minimum lease payments under non-cancellable leases
Year ending December 31, 2015	37,404,447
Year ending December 31, 2016	33,212,335
Year ending December 31, 2017	27,455,079
Year ending December 31, 2018	26,415,106
Year ending December 31, 2019	22,378,306
Over December 31, 2019	23,500,697
Total minimum lease payments	170,365,970
Capital commitment
Commitment capital expenditures	85,420,678
Contingencies
Accrued under-paid social welfare payments required under applicable PRC labor laws	$ 4,417,250	$ 2,954,756

Commitments and contingencies (Details 1) (Products developed under Ovation's proprietary brands, PRC affiliate of Ovation) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014 USD ($)	Dec. 31, 2014 CNY
Long-term Purchase Commitment [Line Items]
Sales threshold amount to be met or additional purchase of products is required	$ 148.7	900.0
Sales threshold amount to exceed for eligibility of sales rebate	$ 148.7	900.0

Related Party Transactions (Details) (USD $)	12 Months Ended
Related Party Transactions (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Related Party Transactions
Purchase of goods	$ 95,526,134	$ 3,688,492	$ 6,663,431
Amounts due from related parties	4,994,873	0
Related Party
Amount due for purchases of goods from companies controlled by shareholders	11,370,287	940,852
Series A and Series B Preferred Shares investors
Related Party
Outstanding loan balances due to related party	$ 843,940	$ 1,200,559

- Definition

Amount for accounts payable to related parties. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References+ Details

- Definition

The aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due within one year (or one business cycle).

+ References+ Details

- Definition

The amount for notes payable (written promise to pay), due to related parties. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References+ Details

Share-based Payments (Details) (USD $)	12 Months Ended																												12 Months Ended
Share-based Payments (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013 Binomial model	Dec. 31, 2012 Binomial model	Dec. 31, 2013 Binomial model Minimum	Dec. 31, 2012 Binomial model Minimum	Dec. 31, 2013 Binomial model Maximum	Dec. 31, 2012 Binomial model Maximum	Dec. 31, 2014 Employees Binomial model	Dec. 31, 2013 Employees Binomial model	Dec. 31, 2014 Key management Binomial model	Dec. 31, 2013 Key management Binomial model	Dec. 31, 2014 Awards granted on March 18, 2011 with exercise price of $0.5	Dec. 31, 2014 Awards granted on March 18, 2011 with exercise price of $0.5	Dec. 31, 2014 Awards granted on March 18, 2011 with exercise price of $0.5	Dec. 31, 2014 Awards granted on March 18, 2011 with exercise price of $0.5	Dec. 31, 2014 Awards granted on March 18, 2011 with exercise price of $0.5	Dec. 31, 2014 Awards granted on March 28, 2011 with exercise price of $0.5	Dec. 31, 2014 Awards granted on July 10, 2011 with exercise price of $0.5	Dec. 31, 2014 Awards granted on August 30, 2011 with exercise price of $2.52	Dec. 31, 2014 Awards granted on November 30, 2011 with exercise price of $2.52	Dec. 31, 2014 Awards granted on November 30, 2011 with exercise price of $2.50	Dec. 31, 2014 Awards granted on February 1, 2012 with exercise price of $2.52	Dec. 31, 2014 Awards granted on April 16, 2012 with exercise price of $ 2.50	Dec. 31, 2014 Awards granted on January 1, 2013 with exercise price of $0.50	Dec. 31, 2014 Awards granted on March 22, 2013 with exercise price of $2.50	Mar. 31, 2011 2011 Plan	Dec. 31, 2014 2012 Plan	Mar. 31, 2012 2012 Plan	Jul. 31, 2014 2014 Plan
Share-based Payments
Number of ordinary shares authorized as stock based compensation																												7,350,000		9,000,000	5,366,998
Maximum aggregate number of shares that may be issued per calendar year																													1,500,000
Automatic increase of authorized ordinary shares																															1.50%
Exercise Price per share (in dollars per share)		$ 0.72	$ 2.51											$ 0.5	$ 0.5	$ 0.5	$ 0.5	$ 0.5	$ 0.5	$ 0.5	$ 2.52	$ 2.52	$ 2.50	$ 2.52	$ 2.50	$ 0.50	$ 2.50
Number of options granted to executive officers and employees (in shares)	0	450,569	758,048											1,470,000	183,750	735,000	735,000	367,500	945,000	50,000	819,638	551,250	1,310,000	204,910	553,138	400,000	50,569
Percentage of options granted, vesting at the first anniversary of grant date														36.00%	29.00%	37.50%	56.00%	33.00%	25.00%	25.00%	25.00%	25.00%	25.00%	25.00%	25.00%	25.00%	25.00%
Percentage of options granted, vesting at the end of each month after the first anniversary														0.0277778	0.0208333	0.0208333	0.0208333	0.0208333	0.0208333	0.0208333	0.0208333	0.0208333	0.0208333	0.0208333	0.0208333	0.0208333	0.0208333
Expiration period from grant date	10 years
Post-termination exercise period	9 months
Maximum period of authorized leave of absence after which vesting shall be suspended	90 days
Assumptions used in valuation of the fair value of the share options
Estimated forfeiture rate (as a percent)										13.00%	12.00%	0.00%	0.00%
Expected dividend yield (as a percent)				0.00%	0.00%
Risk-free interest rate (as a percent)						3.19%	2.54%	3.30%	3.00%
Expected volatility (as a percent)						24.09%	51.33%	34.77%	53.12%
Expected life				10 years	10 years
Exercise multiples						2.2	2.2	2.8	2.8
Weighted average fair value of underlying ordinary shares				$ 8.88	$ 8.36
Options outstanding
Outstanding at the beginning of the period (in shares)	5,440,760	7,402,842	7,167,138
Granted (in shares)	0	450,569	758,048											1,470,000	183,750	735,000	735,000	367,500	945,000	50,000	819,638	551,250	1,310,000	204,910	553,138	400,000	50,569
Exercised (in shares)	(1,883,977)	(1,905,026)	(146,316)
Forfeited (in shares)	(151,874)	(507,625)	(376,028)
Outstanding at the end of the period (in shares)	3,404,909	5,440,760	7,402,842
Non-vested at the end of the period (in shares)	1,085,116
Vested and expected to vest at the end of the period (in shares)	3,335,983
Exercisable at the end of the period (in shares)	2,319,793
Weighted average exercise price per share
Outstanding at the beginning of the period (in dollars per share)	$ 1.18	$ 1.16	$ 1.25
Granted (in dollars per share)		$ 0.72	$ 2.51											$ 0.5	$ 0.5	$ 0.5	$ 0.5	$ 0.5	$ 0.5	$ 0.5	$ 2.52	$ 2.52	$ 2.50	$ 2.52	$ 2.50	$ 0.50	$ 2.50
Exercised (in dollars per share)	$ 0.95	$ 1.18	$ 1.31
Forfeited (in dollars per share)	$ 2.52	$ 0.84	$ 0.90
Outstanding at the end of the period (in dollars per share)	$ 1.26	$ 1.18	$ 1.16
Vested and expected to vest at the end of the period (in dollars per share)	$ 1.24
Exercisable at the end of the period (in dollars per share)	$ 1.06
Weighted average remaining contractual life per share
Exercised	4 months 17 days
Forfeited	1 year 2 months 9 days
Outstanding at the end of the period	8 months 9 days	1 year 4 months 13 days
Vested and expected to vest at the end of the period	8 months 9 days
Exercisable at the end of the period	6 months
Weighted average fair value at grant date
Outstanding at the beginning of the period (in dollars per share)	$ 6.31	$ 4.13
Granted (in dollars per share)		$ 8.88	$ 1.91
Exercised (in dollars per share)	$ 3.38	$ 3.95	$ 3.62
Forfeited (in dollars per share)	$ 5.21	$ 3.09	$ 1.88
Outstanding at the end of the period (in dollars per share)		$ 6.31	$ 4.13
Non-vested at the end of the period (in dollars per share)	$ 4.54
Weighted average intrinsic value per option
Outstanding at the beginning of the period (in dollars per share)		$ 40.66
Exercised (in dollars per share)	$ 96.75
Outstanding at the end of the period (in dollars per share)		$ 40.66
Aggregate intrinsic value
Outstanding at the beginning of the period	$ 221,196,775	$ 57,439,086
Granted		18,525,384	449,469
Exercised	182,277,923	77,465,467	840,014
Outstanding at the end of the period		221,196,775	57,439,086
Vested and expected to vest at the end of the period	321,799,276
Exercisable at the end of the period	$ 224,175,454

Share-based Payments (Details 2) (USD $)	1 Months Ended	12 Months Ended
Share-based Payments (Details 2) (USD $)	Jul. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Additional information related to stock options
Share-based payment expenses related to share options granted		$ 36,790,447	$ 12,456,263	$ 7,596,949
Fair value of shares vested		5,747,243	8,975,087
Options approved for modification (in shares)	819,638
Incremental compensation cost resulting from modification	1,122,360
Incremental compensation cost resulting from modification recorded during the period		239,073	239,073	484,862
Incremental compensation cost to be amortized over the remaining vesting period of the modified options		159,352	398,425
Assumptions used in valuation of the fair value of the share options
Exercise Price per share (in dollars per share)			$ 0.72	$ 2.51
Before Modification
Assumptions used in valuation of the fair value of the share options
Expected dividend yield (as a percent)		0.00%
Risk-free interest rate (as a percent)		3.00%
Expected Volatility (as a percent)		42.55%
Expected life		4 years 6 months
Exercise multiples		2.2
Fair value of underlying ordinary shares (in dollars per share)		$ 2.78
Exercise Price per share (in dollars per share)	$ 2.52	$ 2.52
After Modification
Assumptions used in valuation of the fair value of the share options
Expected dividend yield (as a percent)		0.00%
Risk-free interest rate (as a percent)		3.00%
Expected Volatility (as a percent)		42.55%
Expected life		4 years 6 months
Exercise multiples		2.2
Fair value of underlying ordinary shares (in dollars per share)		$ 2.78
Exercise Price per share (in dollars per share)	$ 0.50	$ 0.50
Employees
Additional information related to stock options
Share-based payment expenses related to share options granted		5,699,690	8,348,740	7,369,081
Executives and employees
Additional information related to stock options
Unrecognized compensation cost related to unvested share options granted		4,808,292
Weighted-average period over which unrecognized compensation cost is to be recognized		1 year 4 months 2 days
Restricted shares \| Employees
Additional information related to stock options
Share-based payment expenses related to share options granted		$ 31,090,757	$ 4,107,523	$ 227,868

Share-based Payments (Details 3) (USD $)	12 Months Ended
Share-based Payments (Details 3) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Payments
Granted (in shares)	0	450,569	758,048
Fair value on grant date		$ 8.88	$ 1.91
Restricted shares
Share-based Payments
Non-vested ordinary shares granted to executive officers, employees, members of Audit Committee and consultants (in shares)	1,932,680
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at the beginning of the period	1,749,035
Granted	1,932,680
Vested	(988,723)
Forfeited	(244,213)
Outstanding at the end of the period	2,448,779.00
2012 Plan \| Restricted shares
Share-based Payments
Non-vested ordinary shares granted to executive officers, employees, members of Audit Committee and consultants (in shares)	1,932,680	1,483,600	741,500
Vesting period	4 years
Vesting percentage on first anniversary from grant date	0.25%
Percentage of awards vesting on a monthly basis, ending on the fourth anniversary of the grant date	0.75%
Period over which remaining three-fourth shares will vest on a monthly basis	3 years
Forfeiture rate (as a percent)	13.00%	12.00%	9.00%
Non-vested shares granted to certain employees on which forfeiture rate is applied	1,156,680	964,000	374,000
Aggregate fair value of the restricted shares at grant dates	$ 146,898,172	$ 21,492,565	$ 2,413,092
Unrecognized compensation cost related to non-vested shares	$ 97,586,379
Weighted-average vesting period over which unrecognized compensation cost is to be recognized	3 years 2 months 12 days
Weighted average granted fair value per share of non-vested shares granted during the year (in dollars per share)	$ 63.31	$ 13.15	$ 3.25
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted	1,932,680	1,483,600	741,500
2012 Plan \| Restricted shares \| June 1, 2012
Share-based Payments
Granted (in shares)	367,500
Fair value on grant date	$ 2.76
2012 Plan \| Restricted shares \| September 30, 2012
Share-based Payments
Granted (in shares)	340,000
Fair value on grant date	$ 3.75
2012 Plan \| Restricted shares \| October 1, 2012
Share-based Payments
Granted (in shares)	34,000
Fair value on grant date	$ 3.70
2012 Plan \| Restricted shares \| January 1, 2013
Share-based Payments
Granted (in shares)	546,000
Fair value on grant date	$ 8.92
2012 Plan \| Restricted shares \| January 1, 2013
Share-based Payments
Granted (in shares)	15,000
Fair value on grant date	$ 8.92
2012 Plan \| Restricted shares \| March 22, 2013
Share-based Payments
Granted (in shares)	10,000
Fair value on grant date	$ 14.31
2012 Plan \| Restricted shares \| April 1, 2013
Share-based Payments
Granted (in shares)	471,000
Fair value on grant date	$ 14.93
2012 Plan \| Restricted shares \| April 1, 2013
Share-based Payments
Granted (in shares)	5,000
Fair value on grant date	$ 14.93
2012 Plan \| Restricted shares \| April 1, 2013
Share-based Payments
Granted (in shares)	25,000
Fair value on grant date	$ 14.93
2012 Plan \| Restricted shares \| September 30, 2013
Share-based Payments
Granted (in shares)	407,000
Fair value on grant date	$ 21.21
2012 Plan \| Restricted shares \| September 30, 2013
Share-based Payments
Granted (in shares)	4,600
Fair value on grant date	$ 21.21
2012 Plan \| Restricted shares \| January 1, 2014
Share-based Payments
Granted (in shares)	200,000
Fair value on grant date	$ 41.84
2012 Plan \| Restricted shares \| January 1, 2014
Share-based Payments
Granted (in shares)	360,000
Fair value on grant date	$ 41.84
2012 Plan \| Restricted shares \| January 1, 2014
Share-based Payments
Granted (in shares)	120,000
Fair value on grant date	$ 41.84
2012 Plan \| Restricted shares \| January 20, 2014
Share-based Payments
Granted (in shares)	338,100
Fair value on grant date	$ 50.02
2012 Plan \| Restricted shares \| March 1, 2014
Share-based Payments
Granted (in shares)	175,340
Fair value on grant date	$ 65.66
2012 Plan \| Restricted shares \| March 1, 2014
Share-based Payments
Granted (in shares)	62,690
Fair value on grant date	$ 65.66
2012 Plan \| Restricted shares \| April 1, 2014
Share-based Payments
Granted (in shares)	117,500
Fair value on grant date	$ 79.83
2012 Plan \| Restricted shares \| April 1, 2014
Share-based Payments
Granted (in shares)	66,000
Fair value on grant date	$ 79.83
2012 Plan \| Restricted shares \| May 1, 2014
Share-based Payments
Granted (in shares)	101,000
Fair value on grant date	$ 74.28
2012 Plan \| Restricted shares \| June 1, 2014
Share-based Payments
Granted (in shares)	53,700
Fair value on grant date	$ 81.33
2012 Plan \| Restricted shares \| July 1, 2014
Share-based Payments
Granted (in shares)	85,600
Fair value on grant date	$ 97.80
2012 Plan \| Restricted shares \| August 1, 2014
Share-based Payments
Granted (in shares)	50,800
Fair value on grant date	$ 103.97
2012 Plan \| Restricted shares \| September 1, 2014
Share-based Payments
Granted (in shares)	9,600
Fair value on grant date	$ 98.32
2012 Plan \| Restricted shares \| October 1, 2014
Share-based Payments
Granted (in shares)	91,000
Fair value on grant date	$ 91.69
2012 Plan \| Restricted shares \| November 1, 2014
Share-based Payments
Granted (in shares)	67,000
Fair value on grant date	$ 114.65
2012 Plan \| Restricted shares \| December 1, 2014
Share-based Payments
Granted (in shares)	34,350
Fair value on grant date	$ 114.30

Share-based Payments (Details 4) (USD $)	12 Months Ended
Share-based Payments (Details 4) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based compensation expenses
Share-based compensation expenses	$ (36,790,447)	$ (12,456,263)	$ (7,596,949)
Fulfillment expenses
Share-based compensation expenses
Share-based compensation expenses	(1,765,664)	(721,531)	(292,866)
Marketing expenses
Share-based compensation expenses
Share-based compensation expenses	(2,821,468)	(381,326)	(169,100)
Technology and content expenses
Share-based compensation expenses
Share-based compensation expenses	(16,831,098)	(3,275,228)	(897,133)
General and administrative expenses
Share-based compensation expenses
Share-based compensation expenses	$ (15,372,217)	$ (8,078,178)	$ (6,237,850)

Segment information (Details) (USD $)	12 Months Ended
Segment information (Details) (USD $)	Dec. 31, 2014 item	Dec. 31, 2013	Dec. 31, 2012
Segment information
Number of reportable segments	1
Product revenues
Product revenues	$ 3,701,183,875	$ 1,680,560,853	$ 690,057,249
Other revenues	72,473,670	16,111,882	2,055,715
Total net revenues	3,773,657,545	1,696,672,735	692,112,964
Apparel
Product revenues
Product revenues	1,558,875,302	757,132,824	296,463,332
Shoes and bags
Product revenues
Product revenues	567,262,879	245,095,274	84,801,417
Cosmetics
Product revenues
Product revenues	487,311,778	107,069,891	75,221,908
Sportswear and sporting goods
Product revenues
Product revenues	210,035,825	140,340,540	70,721,110
Home goods and other lifestyle products
Product revenues
Product revenues	210,325,141	143,484,624	68,810,873
Toys, kids and baby
Product revenues
Product revenues	256,981,287	89,129,541	34,544,067
Other goods
Product revenues
Product revenues	$ 410,391,663	$ 198,308,159	$ 59,494,542

Subsequent event (Details) (USD $) In Millions, except Share data, unless otherwise specified	12 Months Ended							0 Months Ended
	Dec. 31, 2014 Restricted shares	Dec. 31, 2014 2012 Plan Restricted shares	Dec. 31, 2013 2012 Plan Restricted shares	Dec. 31, 2012 2012 Plan Restricted shares	Mar. 31, 2015 Subsequent events Certain online retail business companies	Mar. 31, 2015 Subsequent events Certain online retail business companies Maximum	Feb. 28, 2015 Subsequent events Logistic company operating in China	Mar. 01, 2015 Subsequent events 2012 Plan Restricted shares	Feb. 01, 2015 Subsequent events 2012 Plan Restricted shares	Jan. 01, 2015 Subsequent events 2012 Plan Restricted shares	Mar. 01, 2015 Subsequent events 2012 Plan Restricted shares	Feb. 01, 2015 Subsequent events 2012 Plan Restricted shares	Jan. 01, 2015 Subsequent events 2012 Plan Restricted shares
Subsequent event
Non-vested ordinary shares granted to executive officers, employees, members of Audit Committee and consultants (in shares)	1,932,680	1,932,680	1,483,600	741,500				198,220	29,070	31,350
Vesting period		4 years						4 years	4 years	4 years
Vesting percentage on first anniversary from grant date		0.25%						25.00%	25.00%	25.00%
Percentage of awards vesting on a monthly basis, ending on the fourth anniversary of the grant date		0.75%						75.00%	75.00%	75.00%
Period over which remaining three-fourth shares will vest on a monthly basis		3 years						3 years	3 years	3 years
Fair value of the ordinary shares on the grant-date (in dollars per share)											$ 122	$ 112	$ 114
Consideration for cost method investment					$ 47
Cost method ownership interest percentage						20.00%
Equity method ownership interest percentage							42.61%
Consideration for equity method investment							$ 15.38

Schedule I-Condensed Financial Information (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statements of Income (Loss) and Comprehensive Income (Loss)
General and administrative expenses	$ (157,846,115)	$ (49,943,775)	$ (25,541,812)
Loss from operations	136,020,064	53,826,759	(11,943,573)
Interest expenses	(12,277,152)		(222,868)
Share of loss of affiliates	(10,232,492)	0	0
Impairment loss of investment	(1,006,083)	0	0
Net (loss) income attributable to Vipshop Holdings Limited's shareholders	137,259,907	52,299,863	(9,472,074)
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(9,155,584)	3,518,820	994,606
Comprehensive (loss) income attributable to Vipshop Holdings Limited's shareholders	128,447,852	55,818,683	(8,477,468)
Parent company
Statements of Income (Loss) and Comprehensive Income (Loss)
General and administrative expenses	(36,790,447)	(12,456,263)	(7,596,949)
Loss from operations	(36,790,447)	(12,456,263)	(7,596,949)
Interest expenses	(10,154,399)
Share of loss of affiliates	(10,121,828)
Impairment loss of investment	(1,006,083)
Equity in (losses) incomes of subsidiaries and variable interest entities	195,332,664	64,756,126	(1,875,125)
Net (loss) income attributable to Vipshop Holdings Limited's shareholders	137,259,907	52,299,863	(9,472,074)
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(8,812,055)	3,518,820	994,606
Comprehensive (loss) income attributable to Vipshop Holdings Limited's shareholders	$ 128,447,852	$ 55,818,683	$ (8,477,468)

Schedule I-Condensed Financial Information (Details 2) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 772,128,894	$ 334,715,019	$ 124,472,629	$ 44,954,778
Investments in affiliates (Note 10)	46,318,890
Other investments	16,567,053
Total assets	2,732,011,949	1,072,059,941
LIABILITIES AND EQUITY
Convertible senior notes	621,310,950	0
Total liabilities	2,297,162,208	828,804,543
EQUITY:
Additional paid-in capital	402,487,492	363,221,310
Retained earnings (deficit)	13,534,435	(123,725,472)
Accumulated other comprehensive income (loss)	(5,063,662)	3,748,393
Total Vipshop Holdings Limited shareholders' equity	410,969,719	243,255,398
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	2,732,011,949	1,072,059,941
Parent company
ASSETS
Cash and cash equivalents	157,195	95,124
Investments in affiliates (Note 10)	45,005,933
Other investments	13,665,980
Investment in subsidiaries	195,332,664
Amount due from subsidiaries	780,809,999	243,160,275
Total assets	1,034,971,771	243,255,399
LIABILITIES AND EQUITY
Amount due to a shareholder	1	1
Accrued expenses	2,691,101
Convertible senior notes	621,310,950
Total liabilities	624,002,052	1
EQUITY:
Additional paid-in capital	402,487,492	363,221,310
Retained earnings (deficit)	13,534,435	(123,725,472)
Accumulated other comprehensive income (loss)	(5,063,662)	3,748,393
Total Vipshop Holdings Limited shareholders' equity	410,969,719	243,255,398	82,582,814	18,289,202
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	1,034,971,771	243,255,399
Class A ordinary shares
EQUITY:
Ordinary shares	9,803	9,516
Additional disclosure
Common shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common shares, shares authorized	483,489,642	483,489,642
Common shares, shares issued	98,028,314	95,155,614
Common shares, shares outstanding	98,028,314	95,155,614
Class A ordinary shares \| Parent company
EQUITY:
Ordinary shares	9,803	9,516
Additional disclosure
Common shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common shares, shares authorized	483,489,642
Common shares, shares issued	98,028,314	95,155,614
Common shares, shares outstanding	98,028,314	95,155,614
Class B ordinary shares
EQUITY:
Ordinary shares	1,651	1,651
Additional disclosure
Common shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common shares, shares authorized	16,510,358	16,510,358
Common shares, shares issued	16,510,358	16,510,358
Common shares, shares outstanding	16,510,358	16,510,358
Class B ordinary shares \| Parent company
EQUITY:
Ordinary shares	$ 1,651	$ 1,651
Additional disclosure
Common shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common shares, shares authorized	16,510,358	16,510,358
Common shares, shares issued	16,510,358	16,510,358
Common shares, shares outstanding	16,510,358	16,510,358

Schedule I-Condensed Financial Information (Details 3) (USD $)	0 Months Ended	12 Months Ended																												12 Months Ended
	Jun. 14, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014 Additional paid-in capital	Dec. 31, 2013 Additional paid-in capital	Dec. 31, 2012 Additional paid-in capital	Dec. 31, 2014 Retained earnings (deficit)	Dec. 31, 2013 Retained earnings (deficit)	Dec. 31, 2012 Retained earnings (deficit)	Dec. 31, 2014 Accumulated other comprehensive income (loss)	Dec. 31, 2013 Accumulated other comprehensive income (loss)	Dec. 31, 2012 Accumulated other comprehensive income (loss)	Dec. 31, 2012 Series A Preferred Shares Preferred shares	Dec. 31, 2012 Series A Preferred Shares Ordinary shares	Dec. 31, 2012 Series A Preferred Shares Additional paid-in capital	Dec. 31, 2012 Series B Preferred Shares Preferred shares	Dec. 31, 2012 Series B Preferred Shares Ordinary shares	Dec. 31, 2012 Series B Preferred Shares Additional paid-in capital	Dec. 31, 2014 Class A ordinary shares	Dec. 31, 2013 Class A ordinary shares	Dec. 31, 2012 Class A ordinary shares	Dec. 31, 2014 Class A ordinary shares Ordinary shares	Dec. 31, 2013 Class A ordinary shares Ordinary shares	Dec. 31, 2012 Class A ordinary shares Ordinary shares	Dec. 31, 2014 Class B ordinary shares Ordinary shares	Dec. 31, 2013 Class B ordinary shares Ordinary shares	Dec. 31, 2012 Class B ordinary shares Ordinary shares	Dec. 31, 2011 Class B ordinary shares Ordinary shares	Dec. 31, 2014 Parent company	Dec. 31, 2013 Parent company	Dec. 31, 2012 Parent company	Dec. 31, 2014 Parent company Additional paid-in capital	Dec. 31, 2013 Parent company Additional paid-in capital	Dec. 31, 2012 Parent company Additional paid-in capital	Dec. 31, 2014 Parent company Retained earnings (deficit)	Dec. 31, 2013 Parent company Retained earnings (deficit)	Dec. 31, 2012 Parent company Retained earnings (deficit)	Dec. 31, 2014 Parent company Accumulated other comprehensive income (loss)	Dec. 31, 2013 Parent company Accumulated other comprehensive income (loss)	Dec. 31, 2012 Parent company Accumulated other comprehensive income (loss)	Dec. 31, 2012 Parent company Series A Preferred Shares Preferred shares	Dec. 31, 2012 Parent company Series A Preferred Shares Ordinary shares	Dec. 31, 2012 Parent company Series A Preferred Shares Additional paid-in capital	Dec. 31, 2012 Parent company Series B Preferred Shares Preferred shares	Dec. 31, 2012 Parent company Series B Preferred Shares Ordinary shares	Dec. 31, 2012 Parent company Series B Preferred Shares Additional paid-in capital	Dec. 31, 2014 Parent company Class A ordinary shares Ordinary shares	Dec. 31, 2013 Parent company Class A ordinary shares Ordinary shares	Dec. 31, 2012 Parent company Class A ordinary shares Ordinary shares	Dec. 31, 2014 Parent company Class B ordinary shares Ordinary shares	Dec. 31, 2013 Parent company Class B ordinary shares Ordinary shares	Dec. 31, 2012 Parent company Class B ordinary shares Ordinary shares	Dec. 31, 2011 Parent company Class B ordinary shares Ordinary shares
Increase (Decrease) in Shareholders' Equity
Balance		$ 243,255,398																												$ 243,255,398	$ 82,582,814	$ 18,289,202	$ 363,221,310	$ 258,368,448	$ 124,341,953	$ (123,725,472)	$ (176,025,335)	$ (166,553,261)	$ 3,748,393	$ 229,573	$ (765,033)	$ 20,113,898			$ 41,147,021			$ 9,516	$ 8,477	$ 2,973	$ 1,651	$ 1,651	$ 1,651	$ 1,651
Balance (in shares)														20,212,500			8,166,667						95,155,614	84,774,523	29,724,301	16,510,358	16,510,358	16,510,358	16,510,358													20,212,500			8,166,667			95,155,614	84,774,523	29,724,301	16,510,358	16,510,358	16,510,358	16,510,358
Net income (loss)		122,789,192	52,299,863	(9,472,074)				137,259,907	52,299,863	(9,472,074)																				137,259,907	52,299,863	(9,472,074)				137,259,907	52,299,863	(9,472,074)
Issuance of shares			91,920,000	66,022,797		91,919,200	66,020,596																	800	2,201						91,920,000	66,022,797		91,919,200	66,020,596														800	2,201
Issuance of shares (in shares)																								8,000,000	22,009,200																								8,000,000	22,009,200
Direct offering expenses			(1,571,688)	(3,332,962)		(1,571,688)	(3,332,962)																								(1,571,688)	(3,332,962)		(1,571,688)	(3,332,962)
Conversion of Preferred Shares into ordinary shares														(20,113,898)	2,021	20,111,877	(41,147,021)	1,268	41,145,753																							(20,113,898)	2,021	20,111,877	(41,147,021)	1,268	41,145,753
Conversion of Preferred Shares into ordinary shares (in shares)														(20,212,500)	20,212,500		(8,166,667)	12,682,206																								(20,212,500)	20,212,500		(8,166,667)	12,682,206
Proceeds from registered capital contributions by shareholders of the VIE	2,292,763			2,292,763			2,292,763																									2,292,763			2,292,763
Issuance of ordinary shares upon exercise of stock options		1,786,629	2,049,278	191,533	1,786,441	2,049,087	191,519																188	191	14					1,786,629	2,049,278	191,533	1,786,441	2,049,087	191,519													188	191	14
Issuance of ordinary shares upon exercise of stock options (in shares)		1,883,977	1,905,026	146,316																			1,883,977	1,905,026	146,316																							1,883,977	1,905,026	146,316
Issuance of ordinary shares upon vesting of shares awards		99	48																				99	48						99																		99
Issuance of ordinary shares upon vesting of shares awards (in shares)																				988,723	476,065	0	988,723	476,065																								988,723
Proceeds from issuance of ordinary shares upon exercise of non-vested shares																															48																		48
Proceeds from issuance of ordinary shares upon exercise of non-vested shares (in shares)																																																	476,065
Share-based compensation expenses		36,790,447	12,456,263	7,596,949	36,790,447	12,456,263	7,596,949																							36,790,447	12,456,263	7,596,949	36,790,447	12,456,263	7,596,949
Other capital contribution		689,294			689,294																									689,294			689,294
Foreign currency translation		(9,155,584)	3,518,820	994,606							(8,812,055)	3,518,820	994,606																	(8,812,055)	3,518,820	994,606							(8,812,055)	3,518,820	994,606
Balance		$ 410,969,719	$ 243,255,398																											$ 410,969,719	$ 243,255,398	$ 82,582,814	$ 402,487,492	$ 363,221,310	$ 258,368,448	$ 13,534,435	$ (123,725,472)	$ (176,025,335)	$ (5,063,662)	$ 3,748,393	$ 229,573							$ 9,803	$ 9,516	$ 8,477	$ 1,651	$ 1,651	$ 1,651	$ 1,651
Balance (in shares)																							98,028,314	95,155,614	84,774,523	16,510,358	16,510,358	16,510,358	16,510,358																			98,028,314	95,155,614	84,774,523	16,510,358	16,510,358	16,510,358	16,510,358

Schedule I-Condensed Financial Information (Details 4) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
CASH FLOW FROM OPERATING ACTIVITIES:
Net (loss) income	$ 122,789,192	$ 52,299,863	$ (9,472,074)
Adjustments to reconcile net (loss) income to net cash by operating activities:
Share of loss of affiliates	(10,232,492)	0	0
Impairment loss of other investment	1,006,083	0	0
Share-based compensation expenses	36,790,447	12,456,263	7,596,949
Amortization of debt issuance cost	4,303,481
Changes in operating assets and liabilities:
Amounts due from subsidiaries	(4,994,873)	177,237	1,924,616
Net cash from operating activities	505,660,453	437,081,800	111,569,205
Cash flows used in investing activities:
Investment to affiliates and other investments	(74,773,712)
Acquisition of a subsidiary, net of cash acquired	(112,500,000)
Net cash used in investing activities	(664,227,444)	(320,894,962)	(83,216,464)
Cash flows from financing activities:
Proceed from issuance of convertible notes	618,268,750
Issuance cost of convertible notes offering	(1,078,091)
Other capital contributions	689,294
Proceeds from issuance of ordinary shares in the offerings, net of issuance costs		90,348,312	62,689,835
Proceeds from issuance of ordinary shares upon exercise of stock options	1,786,728	2,049,326	191,533
Net cash provided by financing activities	620,881,450	92,397,638	50,170,648
Effect of exchange rate changes	(24,900,584)	1,657,914	994,462
Net increase in cash and cash equivalents	437,413,875	210,242,390	79,517,851
Cash and cash equivalents at beginning of the period	334,715,019	124,472,629	44,954,778
Cash and cash equivalents at end of the period	772,128,894	334,715,019	124,472,629
Restriction on dividend distribution
Amount of restricted capital and reserves not available for dividend distribution	183,829,188	153,829,188
Variable Interest Entity
CASH FLOW FROM OPERATING ACTIVITIES:
Net (loss) income	26,586,960	(1,946,318)	8,058,229
Restriction on dividend distribution
Dividend paid to the Company	0	0	0
Amount of restricted capital and reserves not available for dividend distribution	3,829,188	3,829,188
Parent company
CASH FLOW FROM OPERATING ACTIVITIES:
Net (loss) income	137,259,907	52,299,863	(9,472,074)
Adjustments to reconcile net (loss) income to net cash by operating activities:
Equity in losses (incomes) of subsidiaries and a variable interest entity	(195,332,664)	(64,756,126)	1,875,125
Share of loss of affiliates	(10,121,828)
Impairment loss of other investment	1,006,083
Share-based compensation expenses	36,790,447	12,456,263	7,596,949
Amortization of debt issuance cost	4,303,481
Changes in operating assets and liabilities:
Amounts due from subsidiaries	(433,495,775)	(92,302,514)
Accrued expenses and other current liabilities	2,691,101
Net cash from operating activities	(436,655,592)	(92,302,514)
Cash flows used in investing activities:
Investment to affiliates and other investments	(70,449,018)
Acquisition of a subsidiary, net of cash acquired	(112,500,000)
Net cash used in investing activities	(182,949,018)
Cash flows from financing activities:
Proceed from issuance of convertible notes	618,800,000
Issuance cost of convertible notes offering	(1,609,341)
Other capital contributions	689,294
Proceeds from issuance of ordinary shares in the offerings, net of issuance costs		90,348,312
Proceeds from issuance of ordinary shares upon exercise of stock options	1,786,728	2,049,326
Net cash provided by financing activities	619,666,681	92,397,638
Net increase in cash and cash equivalents	62,071	95,124
Cash and cash equivalents at beginning of the period	95,124
Cash and cash equivalents at end of the period	157,195	95,124
Restriction on dividend distribution
Amount of restricted capital and reserves not available for dividend distribution	184,846,302	153,829,188
Cash dividend declared and paid to the Company	0	0	0
WOFE
Restriction on dividend distribution
Dividend paid to the Company	0	0	0
Amount of restricted capital and reserves not available for dividend distribution	$ 180,000,000	$ 150,000,000

Employee Retirement Benefit (Details) (USD $)	12 Months Ended
Employee Retirement Benefit (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Employee Retirement Benefit
Contributions to employee retirement benefit plan	$ 32,105,160	$ 11,364,237	$ 5,280,299