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Vipshop Holdings 
Update 3
November 30, 2015

Currently only available to subscribers.

Currently only available to subscribers.

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Vipshop Holdings 
Update 2
June 30, 2015

Mithra Forensic Research

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Vipshop Holdings 
Update 1
May 29, 2015

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Vipshop Holdings 
Update 4
April 28, 2016

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Vipshop Holdings 
Update 4
April 4, 2016

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       First report issued in May 2015  

       Mithra Forensic Research initiated coverage on Vipshop Holdings [NYSE: VIPS] on May 12, 2015. Our research indicated that Vipshop was engaged

       in manipulation of various accounts, including revenue, inventory, held-to-maturity investments and Capex.  

       We followed up with updates on Vipshop on May 29th and June 30th.  The day prior to initiating covered, VIPS closed at $27.32.  As of December 30, 2016,        VIPS ended the day at $11.01.    We maintain a target price of $0 for VIPS.  

        We issued an update on April 4, 2016, which discussed the importance of the SEC's Comment Letter to VIPS.  Additionally we issued a report on

       April 28, 2016, which addressed VIPS' rapidly deteriorating Free Cash Flow position and the heightened risks in the VIE structure.  While a number of

       people have requested access to these reports, currently they are only available to subscribers to our research  However, we hope to make these reports            more widely available in the next few months.

       Sample Reports

      All of our reports were published initially on Seeking Alpha and can be accessed there as well.  Please click on the PDF icon to review the reports.

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