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

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.