Yatsen Announces Completion of First Tranche in Private Placement and Hillhouse Participation

Yatsen Holding Limited announced the completion of the first tranche of its private placement of convertible senior notes and warrants, with Hillhouse participating as a co-investor alongside Trustar Capital and the Company's founder. The first tranche of notes and warrants closed on May 21, 2026, with the second tranche expected later this year. The total aggregate principal amount remains approximately US$120 million. Proceeds will be used for R&D, supply chain integration, overseas expansion, M&A, and general corporate purposes. The company's founder expressed confidence in Yatsen's long-term value and strategic direction, highlighting Hillhouse's continued commitment.