Key Takeaways:In March, Yatsen, a leading China-based beauty group, issued $120 million in a private placement of convertible notes and warrants.Hillhouse has joined the investment vehicle as a co-investor, alongside Trustar Capital and Mr. Jinfeng Huang, the company's founder, Chairman, and Chief Executive Officer.This deal reflects strong confidence in Yatsen's long-term value and strategic direction.Yatsen announced the participation of Hillhouse in the previously announced private placement of RMB-denominated convertible senior notes and warrants.WHO: Based in Guangzhou, China, Yatsen is a leading China-based beauty group with the vision of becoming a world-class pioneer in beauty innovation. Founded in 2016, the company has launched and acquired numerous color cosmetics and skincare brands, including Perfect Diary, Little Ondine, Pink Bear, Galénic, Dr. Wu (its mainland China business), and Eve Lom. WHY: Yatsen will use the net proceeds from the deal for product research and development, global supply chain integration, overseas market expansion, strategic mergers and acquisitions, and general corporate purposes.IN THEIR OWN WORDS: Mr. Jinfeng Huang, Yatsen’s founder, Chairman of the Board of Directors, and Chief Executive Officer, added, "We are pleased to welcome Hillhouse's participation in the Transaction. As one of Yatsen's largest and longest-standing shareholders, Hillhouse has supported the Company since 2018. Their continued commitment, together with Trustar Capital and my personal participation, reflects strong confidence in Yatsen's long-term value and strategic direction.