Yatsen Holding Limited

Yatsen Holding Limited is the parent company of Chinese beauty brand Perfect Diary, founded in 2016 by Huang Jinfeng . The company went public on the NYSE in November 2020 under the ticker "YSG" at $10.50 per ADS, with a pre-market valuation of roughly $7 billion, becoming what its investors termed "the first Chinese beauty group on U.S. equities" .

Yatsen operates a multi-brand portfolio that has expanded beyond its flagship Perfect Diary to include Little Ondine (acquired June 2019), Abby's Choice (launched 2020), and two acquired premium skincare brands: Galénic from Pierre Fabre (October 2020) and Eve Lom from Manzanita Capital (March 2021) . The company positioned itself as a "new-brand incubation platform for the beauty era," emphasizing direct-to-consumer and data-driven operations that could bring new products to market in about six months .

Gaorong Ventures led Yatsen's Series A in early 2018 and continued to back it through multiple rounds, describing the firm's early ambition as building "industry infrastructure-level" capabilities rather than a single brand . By late 2020, Yatsen had built out over 200 offline experience stores across more than 90 Chinese cities and was constructing what it projected would become one of the world's largest cosmetics production bases in Guangzhou . The company's 2019 sales reached 3.5 billion RMB, up 363.7% year-on-year .