US-listed Chinese online discount retailer Vipshop is reportedly considering a secondary listing on the Hong Kong stock exchange.

Why it matters: Vipshop is the latest in a series of US-listed Chinese tech companies that are mulling a secondary offering in Hong Kong to hedge the risks of a China and US tech war.

  • The flash sale platform ranked a distant fifth with an around 2% share of China’s retail e-commerce market in 2019, following rivals such as Alibaba, Pinduoduo,, and, according to a report from research institute
  • Vipshop’s share prices nearly tripled over the last 12 months to reach upwards of $20 apiece from around $7 in August 2019. Meanwhile, share prices for Alibaba rose 50% and jumped 100% over the same period.

Details: Vipshop is in preliminary discussions for a secondary listing on the Hong Kong market, following the footsteps of Alibaba and, according to a report by Reuters research firm IFR citing people familiar with the matter.

  • The listing could come as early as this year, according to the report. No details regarding the size of the offering were disclosed.
  • The company could not be reached for comment on the matter on Thursday.

Context: Tencent, which now holds a 9.6% stake in the company, has been increasing its stake in Vipshop over the last two years.

  • Tencent integrated Vipshop and, another Vipshop investor, into its mega instant messaging app Wechat to deliver a steady stream of new customers for both platforms and shore up its defenses against Alibaba.
  • Vipshop went public on the New York Stock Exchange in 2012, raising a total of $71.5 million.
  • Share prices for US-listed Chinese technology stocks jumped in July after a domestic stock market rally reached fever pitch.

Emma Lee (Li Xin) was TechNode's e-commerce and new retail reporter until June 2022, when she moved to Sixth Tone to cover technology and consumption. Get in touch with her via or Twitter.