Common use of Variable Interest Entities Clause in Contracts

Variable Interest Entities. The Company controls its variable interest entities, Guangzhou VIPSHOP E-Commerce Co., Ltd. and Tianjin Pinjian E-Commerce Co., Ltd. (formerly named “Shanghai Pinjian E-Commerce Co., Ltd.”), through a series of contractual arrangements (“Control Contracts”), and there is no enforceable agreement or understanding to rescind, amend or change the nature of such captive structure or the terms of the Control Contracts.