Yatsen Raises US$60M in First Tranche of US$120M Convertible Note Placement
Yatsen completed the first tranche of its RMB-denominated convertible notes on May 21, raising about US$60 million from Hillhouse affiliates, Trustar Capital and founder Jinfeng Huang. The financing is part of a planned US$120 million two-tranche placement to fund R&D, supply chain integration, overseas market expansion, M&A and general purposes.
1. Transaction Details
On May 21, Yatsen closed the first tranche of its RMB-denominated convertible senior notes and warrants, raising approximately US$60 million as part of a two-tranche US$120 million private placement.
2. Investor Base Expansion
Affiliates of Hillhouse joined the investment vehicle alongside Trustar Capital and founder Jinfeng Huang following an amendment to the original note purchase agreement to reflect the expanded investor base.
3. Use of Proceeds and Next Steps
Yatsen intends to deploy net proceeds for R&D, supply chain integration, overseas expansion, strategic M&A and general corporate purposes, with the second tranche expected later this year upon satisfaction of closing conditions.