July 15, 2019
Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China (“Vipshop”), has announced that it has, through one of its wholly-owned subsidiaries, entered into a share purchase agreement (the “Share Purchase Agreement”) with Ningbo Xingtong Chuangfu Equity Investment Partnership and Shan Shan Group Co., Ltd., in connection with the acquisition from the Sellers of 100% of the registered capital and the corresponding equity interests in Shan Shan Commercial Group Co., Ltd., a leading player in the outlets industry in China (“Shan Shan Outlets”). Pursuant to the Share Purchase Agreement, the total consideration for the proposed acquisition payable by Vipshop to the two sellers is RMB2.9 billion (approximately US$420 million) in cash installments. The acquisition was closed concurrently with signing.
Latham & Watkins LLP represented Vipshop in the transaction with a Hong Kong-based corporate deal team led by partner Frank Sun, with associates Stephen Shi and Shanshan Xiao.