Key Takeaways:Leading China-based beauty group Yatsen Holding Limited secured fresh capital to fuel R&D, international expansion, and strategic M&A.Beyond capital support, this transaction marks a deepening strategic alliance between Yatsen and Trustar Capital.Yatsen reported total net revenues for the full year of 2025 increased by 26.7% to RMB 4.30 billion ($614.6 million) from the prior year.Yatsen will draw on Trustar Capital's proven track record in cross-border acquisitions and post-merger integration to further its global expansion strategy and solidify its position in the global beauty market.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.Trustar Capital, the private equity affiliate of CITIC Capital Holdings Limited, focuses on control buyout opportunities globally and has completed over 100 investments since its inception across China, Japan, the US, and Europe. Trustar Capital currently manages $10.2 billion of committed capital. WHY: Yatsen plans to use the net proceeds for future product research and development, global supply chain integration, overseas market expansion, and strategic M&A.IN THEIR OWN WORDS: Mr. Jinfeng Huang, founder, Chairman, and CEO of Yatsen, stated, "This investment underscores my unwavering confidence in Yatsen's long-term trajectory and our team's firm commitment to executing our strategic roadmap.