Yatsen Holding Limited (NYSE:YSG) completed the first tranche of a $120M convertible note placement.
Hillhouse joined as a co-investor with Trustar Capital and CEO Jinfeng Huang.
The notes are in two tranches, with the second expected later this year.
Proceeds will fund R&D, supply chain integration, overseas expansion, and M&A.
Bond.az data shows Yatsen holds more cash than debt on its balance sheet.
