Latham Advises on Yatsen’s US$620 Million US IPO

A cross-border team assisted the Chinese cosmetics unicorn on its US market debut.

November 20, 2020

Yatsen Holding Limited (Yatsen), the parent company of Chinese cosmetics brand Perfect Diary, has announced the pricing of its initial public offering of 58,750,000 American Depositary Shares on the New York Stock Exchange under the symbol “YSG” for a total offering size of approximately US$620 million. Latham represented the joint bookrunners, including Morgan Stanley, Goldman Sachs, and China International Capital Corporation, in the offering.

Yatsen is a leader in the rapidly evolving China beauty market. Founded in 2016, Yatsen has launched three color cosmetics and skincare brands: Perfect Diary, Little Ondine, and Abby’s Choice. The company has acquired Galenic, an iconic premium skincare brand, from French pharmaceutical and dermocosmetics group Pierre Fabre.

Hong Kong partners Benjamin Su and Daying Zhang led the Latham team, with Hong Kong associates Eric Yiu and Chimmy Tao and Beijing associate Baihan Li. Advice was also provided on tax matters by Los Angeles/Orange County partner Samuel Weiner, with Orange County associate Janet Hsu.

 
 
Notice: We appreciate your interest in Latham & Watkins. If your inquiry relates to a legal matter and you are not already a current client of the firm, please do not transmit any confidential information to us. Before taking on a representation, we must determine whether we are in a position to assist you and agree on the terms and conditions of engagement with you. Until we have completed such steps, we will not be deemed to have a lawyer-client relationship with you, and will have no duty to keep confidential the information we receive from you. Thank you for your understanding.