Yatsen Holding

Yatsen Holding is a Cosmetics startup based in Guangzhou, Guangdong, China that has raised $120M in venture capital across 1 funding round since 2016. The company reached Growth stage in May 2026 with a $120M round led by Hillhouse Capital Management. Yatsen Holding's investor base includes 8 institutional funds, with Hillhouse Capital Management leading the most recent equity round.

Yatsen Holding is a Guangzhou-based beauty technology company founded in 2016 by Jinfeng Huang. The company pioneered data-driven brand building in China's color cosmetics market through its flagship brand Perfect Diary (完美日记), which leveraged social commerce and influencer-led marketing to become one of China's fastest-growing beauty brands. Yatsen subsequently expanded into a multi-brand portfolio that includes Little Ondine, Pink Bear, Galénic (acquired from Pierre Fabre), DR.WU, and Eve Lom (acquired from Alliance Pharma). Hillhouse Capital became a shareholder in 2018, joining Tiger Global Management, IDG Capital, DCM Ventures, Sequoia Capital China, Boyu Capital, and KKR as pre-IPO investors. Yatsen listed on the New York Stock Exchange in November 2020 under the ticker YSX, raising approximately $617 million at $10 per share — China's largest beauty company IPO at the time. In May 2026, the company completed the first tranche of a $120 million private placement to fund R&D, supply chain optimization, and international expansion, with Hillhouse, Trustar Capital, and founder Jinfeng Huang participating.