This appears to be a hedge in VIPS as the trader is willing to bet the stock is not going to drop below 11.
Vipshop Holdings Ltd, trading 14.31 with an IV30 of 61.32 and an HV10 of 58.5, is seeing many puts trading today.? The stock, with an ADV Of 8100 and an OI of 232,158, saw a customer buy 6,500 of the November 13 puts paying .25 on 2600 and .3 on 3900 for an average price of about .28 a contract.? Against this, the customer sold 11,100 of the Nov 11 puts at .15 and 7400 at .1 a net sale price of around .13 a contact.? These trades created a ratio bear almost 1 by 3 (the ratio is a bit light).
This appears to be a trade set up as a hedge in VIPS as the trade is willing to bet the stock is not going to drop below 11 but could threaten 12 coming out of earnings which are likely to be announced sometime near expiration.
This trade is mildly bearish VIPS and bearish VIPS volatility.