<SEC-DOCUMENT>0001104659-25-077075.txt : 20250813
<SEC-HEADER>0001104659-25-077075.hdr.sgml : 20250813
<ACCEPTANCE-DATETIME>20250813060455
ACCESSION NUMBER:		0001104659-25-077075
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250813
DATE AS OF CHANGE:		20250813

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Yatsen Holding Ltd
		CENTRAL INDEX KEY:			0001819580
		STANDARD INDUSTRIAL CLASSIFICATION:	PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS [2844]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-91868
		FILM NUMBER:		251208800

	BUSINESS ADDRESS:	
		STREET 1:		32-35, 38/F, POLY MIDTOWN PLAZA
		STREET 2:		NO.23 EAST XUANYUE STREET
		CITY:			GUANGZHOU
		STATE:			F4
		ZIP:			510330
		BUSINESS PHONE:		86 20 38373543

	MAIL ADDRESS:	
		STREET 1:		32-35, 38/F, POLY MIDTOWN PLAZA
		STREET 2:		NO.23 EAST XUANYUE STREET
		CITY:			GUANGZHOU
		STATE:			F4
		ZIP:			510330

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Banyan Partners Fund III, L.P.
		CENTRAL INDEX KEY:			0001699470
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		C/O WALKERS CORPORATE LIMITED
		STREET 2:		CAYMAN CORPORATE CENTRE, 27 HOSPITAL RD
		CITY:			GEORGE TOWN, GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-9008
		BUSINESS PHONE:		010-8444-2729

	MAIL ADDRESS:	
		STREET 1:		C/O WALKERS CORPORATE LIMITED
		STREET 2:		CAYMAN CORPORATE CENTRE, 27 HOSPITAL RD
		CITY:			GEORGE TOWN, GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-9008
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0001104659-21-019937</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Banyan Partners Fund III, L.P. -->
          <cik>0001699470</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>5</amendmentNo>
      <securitiesClassTitle>Class A Ordinary Shares, par value US$0.00001 per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>06/30/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001819580</issuerCik>
        <issuerName>Yatsen Holding Limited</issuerName>
        <issuerCusip>985194109</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>Floor 39, Poly Development Plaza,</com:street1>
          <com:street2>No. 832 Yue Jiang Zhong Road Haizhu Dist</com:street2>
          <com:city>Guangzhou</com:city>
          <com:stateOrCountry>F4</com:stateOrCountry>
          <com:zipCode>510335</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(d)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Banyan Partners Fund III, L.P.</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>54668026.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>54668026.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>54668026.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>Y</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>4.4</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
      <comments>Comments to item 2(b): This statement on Schedule 13G is filed by Banyan Partners Fund III, L.P. ("Banyan Fund III"), Banyan Partners Fund III-A, L.P. ("Banyan Fund III-A") and Banyan Partners III Ltd. ("Banyan III GP", collectively with Banyan Fund III and Banyan III-A, the "Reporting Persons"). The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G.

Comments to item 6&amp;8&amp;9: Such 54,668,026 Class A ordinary shares are held by Banyan Fund III directly. Banyan Fund III-A directly holds 9,415,519 Class A ordinary shares. Banyan III GP is the general partner of both Banyan Fund III and Banyan Fund III-A, and as such, may exercise voting and dispositive power over the shares held by Banyan Fund III and Banyan Fund III-A.

Comments to item 10: Banyan Fund III disclaims beneficial ownership over shares reported herein that are directly held by Banyan Fund III-A.

Comments to item 11: Calculation is based on 1,837,165,628 ordinary shares outstanding as of February 28, 2025, consisting of 1,236,592,748 Class A ordinary shares and 600,572,880 Class B ordinary shares, as reported in the Issuer's annual report on Form 20-F filed with the Securities and Exchange Commission on April 22, 2025 (the "Issuer's 20-F Filing"). Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to twenty votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by Banyan Fund III represent approximately 0.4% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Banyan Partners Fund III-A, L.P.</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>9415519.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>9415519.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>9415519.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>Y</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>0.8</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
      <comments>Comments to item 2(b): This statement on Schedule 13G is filed by the Reporting Persons. The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G.

Comments to item 6&amp;8&amp;9: Such 9,415,519 Class A ordinary shares are held by Banyan Fund III-A directly. Banyan Fund III directly holds 54,668,026 Class A ordinary shares. Banyan III GP is the general partner of both Banyan Fund III and Banyan Fund III-A, and as such, may exercise voting and dispositive power over the shares held by Banyan Fund III and Banyan Fund III-A.

Comments to item 10: Banyan Fund III-A disclaims beneficial ownership over shares reported herein that are directly held by Banyan Fund III.

Comments to item 11: Calculation is based on 1,837,165,628 ordinary shares outstanding as of February 28, 2025, consisting of 1,236,592,748 Class A ordinary shares and 600,572,880 Class B ordinary shares, as reported in the Issuer's 20-F Filing. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to twenty votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by Banyan Fund III-A represent approximately 0.1% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Banyan Partners III Ltd.</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>64083545.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>64083545.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>64083545.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>5.2</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
      <comments>Comments to item 2(b): This statement on Schedule 13G is filed by the Reporting Persons. The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G.

Comments to item 6&amp;8&amp;9: Consists of (i) 54,668,026 Class A ordinary shares directly held by Banyan Fund III and (ii) 9,415,519 Class A ordinary shares directly held by Banyan Fund III-A. Banyan III GP is the general partner of both Banyan Fund III and Banyan Fund III-A, and as such, may exercise voting and dispositive power over the shares held by Banyan Fund III and Banyan Fund III-A.

Comments to item 11: Calculation is based on 1,837,165,628 ordinary shares outstanding as of February 28, 2025, consisting of 1,236,592,748 Class A ordinary shares and 600,572,880 Class B ordinary shares, as reported in the Issuer's 20-F Filing. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to twenty votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by Banyan III GP represent approximately 0.5% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Yatsen Holding Limited</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>Floor 39, Poly Development Plaza, No. 832 Yue Jiang Zhong Road, Haizhu District, Guangzhou, China, 510335</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Banyan Partners Fund III, L.P. ("Banyan Fund III")
Banyan Partners Fund III-A, L.P. ("Banyan Fund III-A")
Banyan Partners III Ltd. ("Banyan III GP")</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>The address of each of Banyan Partners Fund III, L.P., Banyan Partners Fund III-A, L.P. and Banyan Partners III Ltd. is:

c/o Walkers Corporate Limited
190 Elgin Avenue
George Town
Grand Cayman, KY1-9008
Cayman Islands</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Banyan Partners Fund III, L.P.: Cayman Islands
Banyan Partners Fund III-A, L.P.: Cayman Islands
Banyan Partners III Ltd.: Cayman Islands</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>Banyan Partners Fund III, L.P. directly holds 54,668,026 Class A ordinary shares.

Banyan Partners Fund III-A, L.P. directly holds 9,415,519 Class A ordinary shares.

Banyan III GP is the general partner of both Banyan Fund III and Banyan Fund III-A, and as such, may in the aggregate exercise voting and dispositive power over 64,083,545 Class A ordinary shares held by Banyan Fund III and Banyan Fund III-A.

The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G. In addition, Banyan Partners Fund III, L.P. disclaims beneficial ownership over the shares reported herein directly held by Banyan Partners Fund III-A, L.P.; and Banyan Partners Fund III-A, L.P. disclaims beneficial ownership over the shares reported herein directly held by Banyan Partners Fund III, L.P.</amountBeneficiallyOwned>
        <classPercent>Banyan Partners Fund III, L.P. beneficially owns 4.4% of the outstanding Class A ordinary shares, 3.0% of the total outstanding ordinary shares and 0.4% of the aggregate voting power.

Banyan Partners Fund III-A, L.P. beneficially owns 0.8% of the outstanding Class A ordinary shares, 0.5% of the total outstanding ordinary shares and 0.1% of the aggregate voting power.

Banyan III GP is the general partner of both Banyan Fund III and Banyan Fund III-A, and as such, in the aggregate beneficially owns 5.2% of the outstanding Class A ordinary shares, 3.5% of the total outstanding ordinary shares and 0.5% of the aggregate voting power.

The above-mentioned percents of class are calculated based on 1,236,592,748 outstanding Class A ordinary shares and 600,572,880 outstanding Class B ordinary shares as reported in the Issuer's 20-F Filing.</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>Banyan Partners Fund III, L.P. holds no Class A ordinary shares with sole voting power or the ability to direct the vote.

Banyan Partners Fund III-A, L.P. holds no Class A ordinary shares with sole voting power or the ability to direct the vote.

Banyan Partners III Ltd. holds no Class A ordinary shares with sole voting power or the ability to direct the vote.</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>Banyan Partners Fund III, L.P. holds 54,668,026 Class A ordinary shares with shared voting power or the ability to direct the vote.

Banyan Partners Fund III, L.P-A. holds 9,415,519 Class A ordinary shares with shared voting power or the ability to direct the vote.

Banyan Partners III Ltd. holds 64,083,545 Class A ordinary shares with shared voting power or the ability to direct the vote.</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>Banyan Partners Fund III, L.P. holds no Class A ordinary shares with sole power to dispose of or direct the disposition of.

Banyan Partners Fund III-A, L.P. holds no Class A ordinary shares with sole power to dispose of or direct the disposition of.

Banyan Partners III Ltd. holds no Class A ordinary shares with sole power to dispose of or direct the disposition of.</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>Banyan Partners Fund III, L.P. holds 54,668,026 Class A ordinary shares with shared power to dispose of or direct the disposition of.

Banyan Partners Fund III, L.P-A. holds 9,415,519 Class A ordinary shares with shared power to dispose of or direct the disposition of.

Banyan Partners III Ltd. holds 64,083,545 Class A ordinary shares with shared power to dispose of or direct the disposition of.</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>Y</notApplicableFlag>
      </item10>
    </items>
    <exhibitInfo>Exhibit I: Joint Filing Agreement by and among Banyan Partners Fund III, L.P., Banyan Partners Fund III-A, L.P. and Banyan Partners III Ltd (incorporated by reference to Exhibit I to the Schedule 13G filed with the U.S. Securities and Exchange Commission by the Reporting Persons on February 10, 2021.</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>Banyan Partners Fund III, L.P.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Peter Wong</signature>
        <title>Peter Wong/Authorized Signatory</title>
        <date>08/13/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Banyan Partners Fund III-A, L.P.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Peter Wong</signature>
        <title>Peter Wong/Authorized Signatory</title>
        <date>08/13/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Banyan Partners III Ltd.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Peter Wong</signature>
        <title>Peter Wong/Authorized Signatory</title>
        <date>08/13/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureComments>Not Applicable.</signatureComments>
  </formData>
</edgarSubmission>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
