SCHEDULE: Yatsen Holding: Huang & Veritas Maintain Significant Stake

Jinfeng Huang and Veritas Vision Holding Limited confirm their substantial 34.3% beneficial ownership of Yatsen Holding Limited's Class A ordinary shares, representing 90.7% of total voting power.

Summary

• Jinfeng Huang and Veritas Vision Holding Limited (a British Virgin Islands company wholly-owned by Mr. Huang) beneficially own 643,671,174 Class A ordinary shares of Yatsen Holding Limited on an as-converted basis.
• This represents 34.3% of the Class A ordinary shares outstanding as of December 31, 2025.
• The combined holdings, including Class B ordinary shares, represent 90.7% of the total voting power of Yatsen Holding Limited.
• The ownership includes 38,628,060 Class A ordinary shares (in ADS form) and 600,572,880 Class B ordinary shares directly held by Veritas Vision Holding Limited.
• Additionally, 4,470,234 Class A ordinary shares are directly held by Yellow Bee Limited, a British Virgin Islands company whose voting shares are entirely owned by Veritas Vision Holding Limited, with Mr. Huang as its sole director.
• Class B ordinary shares are convertible into Class A ordinary shares on a one-for-one basis for the purpose of calculating beneficial ownership percentages.
• Each Class A ordinary share carries one vote, while each Class B ordinary share carries twenty votes.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral. It is a routine disclosure of beneficial ownership and does not contain new operational or financial information that would significantly alter the company's fundamental outlook.

Positives

• Confirmation of stable, significant insider ownership, which can signal confidence in the company's long-term prospects.
• The high voting power (90.7%) held by Mr. Huang and his entities provides strong control and potentially streamlined decision-making.

Negatives

• Concentrated voting power (90.7%) in the hands of a single individual and his entities could limit the influence of other shareholders on corporate governance matters.

Risks

• The highly concentrated voting power with Mr. Jinfeng Huang and his entities means that decisions could be made that are not aligned with the interests of minority shareholders.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that significant insider ownership and concentrated voting power, as seen in this filing, are common in founder-led companies, particularly those with dual-class share structures. This structure allows founders to retain control even as the company raises capital from public markets, a trend observed across various tech and growth-oriented sectors globally.

Comparison to Industry Standards

• The dual-class share structure with Class B shares carrying 20 votes per share, compared to Class A's one vote, is a common mechanism used by companies like Google (Alphabet Inc.) and Meta Platforms (Facebook) to ensure founder control. This structure is often implemented to protect long-term vision from short-term market pressures.
• The 90.7% total voting power held by Mr. Huang and his entities is exceptionally high, even for companies with dual-class structures. For instance, Mark Zuckerberg holds approximately 58% of Meta's voting power, and Larry Page and Sergey Brin together hold about 51% of Alphabet's voting power. Yatsen's concentration is significantly higher, indicating near-absolute control.

Corporate Governance

Related Party Transactions

• The beneficial ownership structure involves Mr. Jinfeng Huang, Veritas Vision Holding Limited (wholly-owned by Mr. Huang), and Yellow Bee Limited (whose voting shares are entirely owned by Veritas Vision Holding Limited, with Mr. Huang as sole director). This indicates a complex, but disclosed, related-party ownership structure.

Stakeholder Impact

• Shareholders: Minority shareholders have significantly reduced voting influence due to the concentrated voting power held by Mr. Jinfeng Huang and his entities.
• Management: The high level of control by Mr. Huang provides stability for long-term strategic decisions but also means management is highly accountable to the controlling shareholder.

Key Dates

Recommendation

This Schedule 13G filing is a routine disclosure of beneficial ownership and does not provide new financial or operational data to warrant a change in investment recommendation. The confirmation of significant insider ownership and concentrated voting power is a known characteristic of Yatsen Holding Limited, and while it presents governance considerations, it does not inherently change the investment thesis based solely on this filing. Investors should 'hold' and continue to monitor the company's financial performance and strategic execution.

Keywords

Yatsen Holding Limited, Jinfeng Huang, Veritas Vision Holding Limited, Schedule 13G, Beneficial Ownership, Class A ordinary shares, Class B ordinary shares, Voting Power, SEC Filing, Corporate Governance, Shareholder Control