Yatsen Holding Limited announced the completion of the first tranche of its previously announced private placement of RMB-denominated convertible senior notes and warrants, while also revealing participation from affiliates of Hillhouse in the transaction.
The company said Hillhouse joined the investment vehicle for the transaction as a co-investor alongside Trustar Capital and Yatsen Founder, Chairman, and CEO Jinfeng Huang. Yatsen and the purchaser amended the original note purchase agreement to reflect the expanded investor base.
According to the company, the closing of the first tranche of the notes and the related warrants took place on May 21, 2026. The second tranche is expected to close later this year, subject to customary closing conditions. The total aggregate principal amount of the two equal tranches remains unchanged at approximately $120 million.
Yatsen said it plans to use the proceeds from the transaction for product research and development, global supply chain integration, overseas market expansion, strategic mergers and acquisitions, and general corporate purposes.
Founded in 2016, Yatsen operates several beauty and skincare brands, including Perfect Diary, Little Ondine, Pink Bear, Galénic, DR.WU, and Eve Lom.
KEY QUOTES:
“We are pleased to welcome Hillhouse’s participation in the Transaction. As one of Yatsen’s largest and longest-standing shareholders, Hillhouse has supported the Company since 2018. Their continued commitment, together with Trustar Capital and my personal participation, reflects strong confidence in Yatsen’s long-term value and strategic direction. With the completion of the first tranche, we are better positioned to execute our growth strategy and create lasting value for shareholders over the long term.”
Jinfeng Huang, Founder, Chairman and CEO, Yatsen Holding Limited
