Yatsen completes first tranche of $120 million convertible notes placement

Yatsen Holding Limited (NYSE: YSG) announced the completion of the first tranche of its previously disclosed private placement of convertible senior notes and warrants on May 21, 2026, according to a company statement.

Hillhouse affiliates joined the investment vehicle as co-investors alongside Trustar Capital and Jinfeng Huang, Yatsen's founder, chairman and chief executive officer. The company amended the original note purchase agreement to reflect the expanded investor base.

The total aggregate principal amount for both tranches remains at approximately $120 million. The second tranche is expected to be issued later this year, subject to applicable closing conditions.

Yatsen stated it intends to use the net proceeds for product research and development, global supply chain integration, overseas market expansion, strategic mergers and acquisitions, and general corporate purposes.

"As one of Yatsen's largest and longest-standing shareholders, Hillhouse has supported the Company since 2018," Huang said in the statement. He added that the participation reflects confidence in the company's strategic direction.

The securities issuance was not registered under the Securities Act of 1933 and is exempt from registration requirements.

Yatsen, founded in 2016, operates as a China-based beauty group with brands including Perfect Diary, Little Ondine, Pink Bear, Galénic, DR.WU and Eve Lom.

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