Yatsen Announces Completion of First Tranche in Previously Announced Private Placement and Hillhouse Participation

GUANGZHOU, China, May 21, 2026 /PRNewswire/ -- Yatsen Holding Limited ("Yatsen" or the "Company") (NYSE: YSG), a leading China-based beauty group, today announced the participation of Hillhouse in the Company's previously announced private placement of RMB-denominated convertible senior notes and warrants (the "Transaction"), and the completion of the first tranche of the Transaction. Certain affiliates of Hillhouse have joined the investment vehicle for the Transaction (the "Purchaser") as a co-investor, alongside Trustar Capital and Mr.