Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Trending in China: Social Media Comes Out in Support of High Quality Fakes
Xiaomi-Backed IoT-Enabled Appliance Maker Sees Revenues Grow While Profits Slump
Chinese Startup WeRide Reports Promising Robotaxi Results
Trending in China: God recalls his hand – tributes to Maradona from Chinese social media after his death
Tesla to Manufacture Electric Car Chargers in China
China Restricts Livestreaming Spending and Blocks Underage Users from Tipping Performers
TikTok Granted One-Week Extension of Forced-Sale Deadline
Chinese Online Language Educator 51Talk Speaks the Language of Profit
Trending in China: Are Elderly ‘Collateral Damage’ in Increasing Technological Cashless World?
Trending in China: Black and White ‘Little Miracle’ Born to 22-Year-Old Panda in Washington
Facing U.S. Sanctions, Huawei May See Global Smartphone Share Slump to 4% in 2021
Chinese LGBTQ Dating App Owner BlueCity Acquires Youth-Focused Gay Platform Finka
Xiaomi-Backed Smart Wearables Maker Huami Sees Profits Slump Despite Revenue Growth
Baidu Maps Illegally Using Other Chinese Firm’s Mapping Info, Court Finds.
U.S.-Listed Chinese Electric Scooter Maker Niu Rides to Higher Profits
Chinese E-Commerce Firm Ruhnn Focusing on Online Celebrities Sees Losses Narrow
China’s Kaixin Nears 1000% Annual Gain on Electric Vehicle Rally
Trending in China: Baidu Blocking Caixin’s Criticism of Search Engines Goes Viral
Trending in China: Should Restaurants Be Free to Pick and Choose Their Customers? The Strange Case of ‘Reverse Sexism’
Codemao Raises $198 Million to Teach China’s Youth Computer Programming
Chinese Beauty Company Yatsen Files for U.S. IPO

By Ding Yi / Nov 02, 2020 12:52 PM / Finance

Guangzhou-based Yatsen Holding Ltd., the parent company of budget cosmetics and skin-care brand Perfect Diary, has filed for an IPO on the New York Stock Exchange (NYSE), joining a flurry of Chinese firms planning to list on U.S. bourses this year despite mounting tensions between Beijing and Washington.

The company, which targets younger consumers with budget products undercutting more established international brands, intends to use the proceeds from the planned IPO to make investments and acquisitions, develop new products and data analytics technology, open new physical stores and maintain daily business operations, according to a prospectus submitted on Friday to the U.S. Securities and Exchange Commission.

The prospectus did not specify how much money Yatsen plans to raise from the planned IPO.

In the first three quarters of 2020, Yatsen suffered a net loss of 1.2 billion yuan ($170.4 million), compared with a net profit of 29.1 million yuan in the same period of last year, according to the prospectus.

As of Sept. 30, 2020, Yatsen had over 200 physical “experience” stores across more than 90 cities in China and served 23.5 million direct-to-consumer customers, the prospectus said.

Recently, the company closed a funding round led by Warburg Pincus, The Carlyle Group and Loyal Valley Capital, which increased its valuation to $4 billion from $2.5 billion in April.

Contact reporter Ding Yi (yiding@caixin.com)

Related: Youth-Focused Budget Cosmetics Brand Eyes U.S. IPO


Share this article
Open WeChat and scan the QR code