SCHEDULE 13G/A: Banyan Partners Funds Disclose 6.1% Stake in Yatsen Holding Limited Class A Shares

Banyan Partners Fund III, L.P., Banyan Partners Fund III-A, L.P., and their general partner, Banyan Partners III Ltd., have collectively reported beneficial ownership of 6.1% of Yatsen Holding Limited's Class A Ordinary Shares as of December 31, 2024.

Summary

• Banyan Partners Fund III, L.P., Banyan Partners Fund III-A, L.P., and Banyan Partners III Ltd. (collectively, the "Reporting Persons") filed an Amendment No. 4 to Schedule 13G regarding their beneficial ownership in Yatsen Holding Limited.
• As of December 31, 2024, Banyan Partners III Ltd., as the general partner, beneficially owns an aggregate of 90,747,345 Class A ordinary shares.
• This aggregate ownership represents 6.1% of the outstanding Class A ordinary shares of Yatsen Holding Limited.
• Individually, Banyan Partners Fund III, L.P. directly holds 77,409,586 Class A ordinary shares, representing 5.2% of the Class A shares.
• Banyan Partners Fund III-A, L.P. directly holds 13,337,759 Class A ordinary shares, representing 0.9% of the Class A shares.
• The calculation of percentages is based on 1,478,275,692 Class A ordinary shares and 666,572,880 Class B ordinary shares outstanding as of February 29, 2024, as reported in Yatsen's annual report on Form 20-F filed on April 26, 2024.
• Despite the significant Class A share ownership, the Reporting Persons' aggregate beneficial ownership represents approximately 0.6% of the total aggregate voting power of Yatsen Holding Limited, due to the company's dual-class share structure where Class B shares carry 20 votes each compared to Class A shares' one vote.
• The Reporting Persons expressly disclaim status as a 'group' for purposes of this Schedule 13G.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership and does not contain information that would typically influence a positive or negative sentiment towards the issuer's performance or outlook. It is a neutral, compliance-driven filing.

Risks

• The dual-class share structure of Yatsen Holding Limited, where Class B ordinary shares are entitled to twenty votes per share compared to one vote per Class A ordinary share, significantly dilutes the voting power of Class A shareholders, including the Reporting Persons. For example, Banyan III GP's 6.1% stake in Class A shares translates to only 0.6% of the aggregate voting power.

Future Outlook

NA

Industry Context

This filing is a routine disclosure of beneficial ownership by an institutional investor and does not provide broader industry context or trends. It specifically details a passive investment stake in Yatsen Holding Limited.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional investor's stake in Class A shares, though the actual voting power is limited due to the dual-class structure. This information can be used by other investors to assess the shareholder base.

Key Dates

Keywords

SEC filing, Schedule 13G, beneficial ownership, Yatsen Holding Limited, Class A Ordinary Shares, institutional investor, Banyan Partners, equity stake, voting power, dual-class shares