Fangda represented Trustar Capital (the private equity affiliate of CITIC Capital Holdings Limited) as a consortium member in a US$120 million PIPE investment in New York Stock Exchange-listed Yatsen Holding Limited (“Yatsen”, NYSE: YSG), a leading China-based beauty products group. The investor consortium also includes certain affiliates of Hillhouse and Mr. Jinfeng Huang, the founder, Chairman of the Board, and Chief Executive Officer of Yatsen.
Showcasing the firm’s integrated cross-border capabilities, Fangda provided comprehensive advice across United States federal securities laws, New York law, Hong Kong law, and PRC law to Trustar Capital in relation to this transaction.
Pursuant to the definitive agreement entered into between Yatsen and the consortium, the investors agreed to subscribe for RMB-denominated convertible senior notes in an aggregate principal amount equivalent to approximately US$120 million. The notes are to be issued in two equal tranches, together with warrants to purchase Class A ordinary shares of Yatsen. The closing of the first tranche of the notes and the corresponding warrants occurred on May 21, 2026, and, subject to the satisfaction of applicable closing conditions, the second tranche is currently expected to be issued later this year.
The Fangda team was led by partners Mark Lehmkuhler, Bao Chen and Ray Bu, supported by associate Joe SCHEU.