Yatsen Holding Limited (YSG)

Yatsen is a leader in the rapidly evolving China beauty market. Founded in 2016, they have launched three fast-growing, successful color cosmetics and skincare brands: Perfect Diary, Little Ondine, and Abby’s Choice. Together, these three brands served 23.4 million and 23.5 million DTC customers in 2019 and the nine months ended September 30, 2020, respectively. Their first brand, Perfect Diary, became the top color cosmetics brand in China in terms of online retail sales value three years after launch, according to the CIC Report. This success is due to their digitally native DTC business model that is new to China’s beauty industry. Through this model, they focus on deep customer engagement, innovative product development and personalized services. The beauty industry in China has been evolving rapidly. For many Chinese beauty consumers, massive e-commerce platforms such as Tmall, JD.com and Vipshop have become default shopping destinations. More recently, disruptive and dynamic social and content platforms such as Weixin, Douyin, Kuaishou, Bilibili and RED have been playing an increasing role in consumers’ discovery and purchase of beauty products. As a result, they saw a significant opportunity to create a disruptive beauty brand, reimagined from the ground up, that partners with these marketing channels and supply chain players in a more integrated and unique way and provides young consumers with a superior experience and an engaging new journey of beauty discovery.

Industry
Perfumes, Cosmetics & Other Toilet Preparations

CEO	CFO
Jinfeng Huang	Donghao Yang

Jinfeng Huang is our founder and has served as our director and chief executive officer since our inception. Mr. Huang served as a vice president at Hunan Yujiahui Cosmetics Co., Ltd. from 2011 to 2016. Prior to that, Mr. Huang served as a market research manager at Guangzhou P&G Co., Ltd. from 2007 to 2010. Mr. Huang received his bachelor’s degree in international commerce and trading from Sun Yat-sen University in 2007 and his MBA degree from Harvard Business School in 2017.

Donghao Yang has served as our director since July 2020 and our chief financial officer since November 2020. Mr. Yang served as the chief financial officer at Vipshop Holdings Ltd. (NYSE: VIPS) from August 2011 to November 2020. Prior to joining Vipshop, Mr. Yang held senior executive and managerial positions in several public and private companies, including serving as the chief financial officer of Synutra International Inc. (Nasdaq: SYUT) from May 2010 to August 2011, as the chief financial officer of Greater China of Tyson Foods, Inc. (NYSE: TSN) from March 2007 to April 2010, and as a finance director of Asia Pacific of Valmont Industries, Inc. (NYSE: VMI) from October 2003 to March 2007. Mr. Yang has been a member of the board of directors of XPeng, Inc. (NYSE: XPEV) since August 2020, and has joined the board of directors of Vipshop since November 2020. Mr. Yang received his bachelor’s degree in international economics from Nankai University in 1993 and his MBA from Harvard Business School in 2003.

Employees	Founded
3355	2016

Address: 32-35, 38/F, Poly Midtown Plaza No.23 East Xuanyue Street, Haizhu District Guangzhou 510330 People’s Republic of China

Telephone: +86 20-3837 3543

Web page: http://www.yatsenglobal.com

Expected Date	11/19/2020
Status	Priced
Exchange	NYSE
Lockup Period Expiration	.Pro
Quiet Period Expiration	.Pro
Old Price Range	-

Share prices ($)

Market Cap (MM)	-
Revenues (MM)	$446.4
Net Income (Loss) (MM)	$-11.1

What do you think will happen with the YSG share price after the next 3-6 months? 🔥 (+ 10% or more, flat (+ -10%), -10% or less)

Shares Initial (MM)	58.8
Shares Revised (MM)	58.75
Expected offer amount (MM)	$558.13
Realized offer amount(MM)	$616.88

Underwriters
Goldman Sachs/ Morgan Stanley/ CICC
CO-Managers
China Renaissance/ FUTU/ Tiger Brokers