DEALS
Zhong Lun Represents Investor Consortium in its USD 120 million PIPE Investment in Yatsen
Zhong Lun Represents Investor Consortium in its USD 120 million PIPE Investment in Yatsen
Zhong Lun represented an investor consortium in connection with its USD 120 million PIPE investment in Yatsen Holding Limited (“Yatsen” or the “Company”, NYSE: YSG), a leading China-based beauty group. The investor consortium consists of Trustar Capital and Mr. Jinfeng Huang, the founder, Chairman of the Board, and Chief Executive Officer of Yatsen. The transaction was announced on March 11, 2026.
Pursuant to the definitive agreement entered into between Yatsen and the investor consortium, the investor consortium will subscribe for RMB-denominated convertible senior notes in an aggregate principal amount equivalent to approximately USD 120 million, to be issued in two equal tranches, together with warrants to purchase Class A ordinary shares of the Company.
In connection with the transaction, the Zhong Lun team was led by partners Gary Li, Boxin Wang, and non-equity partner Min Lu.
Professionals
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Min LU
Non-equity Partner
Hong KongPractices： Private Equity & Investment Funds -
Min LU
Non-equity Partner
Hong Kong
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