# EDGAR Filing Document

**Accession Number:** 0001599932
**File Stem:** 0000950170-23-002680
**Filing Date:** 2023-2
**Character Count:** 53463
**Document Hash:** 75023c4ca37809ae0d49d575994e26c9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-23-002680.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0000950170-23-002680

**CONFORMED SUBMISSION TYPE**: SC 13G/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**GROUP MEMBERS**: BEST BELIEF PTC LTD AS THE TRUSTEE OF THE BEST BELIEF FAMILY TRUST

**GROUP MEMBERS**: ROSY GLOW HOLDINGS LTD

**GROUP MEMBERS**: SUCCESS ORIGIN LTD

**GROUP MEMBERS**: ZHEN ADVISORS LTD.

**GROUP MEMBERS**: ZHEN FUND COV LLC

**GROUP MEMBERS**: ZHEN INTERNATIONAL LTD.

**GROUP MEMBERS**: ZHEN PARTNERS FUND IV, L.P.

**GROUP MEMBERS**: ZHEN PARTNERS MANAGEMENT (MTGP) IV, L.P.

**GROUP MEMBERS**: ZHEN PARTNERS MANAGEMENT (TTGP) IV, LTD.

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Yatsen Holding Ltd
- **CENTRAL INDEX KEY:** 0001819580
- **STANDARD INDUSTRIAL CLASSIFICATION:** PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS [2844]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91868
- **FILM NUMBER:** 23621730

**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:** Xu Xiaoping
- **CENTRAL INDEX KEY:** 0001599932

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A

**MAIL ADDRESS:**
- **STREET 1:** SUITE 525,CHINA WORLD TRADE TOWER 1
- **STREET 2:** JIANGUOMENWAI AVENUE, CHAOYANG DISTRICT
- **CITY:** BEIJING
- **STATE:** F4
- **ZIP:** 100004

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**SCHEDULE 13G**

**(Rule 13d-102)**

**INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT**

**TO § 240.13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED**

**PURSUANT TO § 240.13d-2**

**Under the Securities Exchange Act of 1934**

**(Amendment No. 2)\***

<br> **Yatsen Holding Limited**

(Name of Issuer)

**Class A ordinary shares, $0.00001 par value per share**

(Title of Class of Securities)

**985194109\*\***

(CUSIP Number)

**December 31, 2022**

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

---

| | |
|:---|:---|
|  | Rule 13d-1(b) |
|  | Rule 13d-1(c) |
|  | Rule 13d-1(d) |

---

\*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

\*\* CUSIP number 985194109 has been assigned to the American depositary shares ("ADSs") of the Issuer, which are quoted on the New York Stock Exchange under the symbol "YSG." Each ADS represents four Class A ordinary shares of the Issuer. No CUSIP has been assigned to the Issuer's Class A ordinary shares.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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CUSIP No. 985194109 Page 2 of 17 Pages

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| | | | |
|:---|:---|:---|:---|
| 1 | Name of Reporting Person<br>Zhen Partners Fund IV, L.P. | Name of Reporting Person<br>Zhen Partners Fund IV, L.P. | Name of Reporting Person<br>Zhen Partners Fund IV, L.P. |
| 2 | Check the Appropriate Box if a Member of a Group<br>(a) ☐<br>(b) ☐ | Check the Appropriate Box if a Member of a Group<br>(a) ☐<br>(b) ☐ | Check the Appropriate Box if a Member of a Group<br>(a) ☐<br>(b) ☐ |
| 3 | SEC Use Only  | SEC Use Only  | SEC Use Only  |
| 4 | Citizenship or Place of Organization <br>Cayman Islands | Citizenship or Place of Organization <br>Cayman Islands | Citizenship or Place of Organization <br>Cayman Islands |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 5 | Sole Voting Power <br>0<br>|
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 6 | Shared Voting Power <br>222,231,601(1)<br>|
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 7 | Sole Dispositive Power <br>0<br>|
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 8 | Shared Dispositive Power <br>222,231,601(1)<br>|
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>222,231,601(1) | Aggregate Amount Beneficially Owned by Each Reporting Person<br>222,231,601(1) | Aggregate Amount Beneficially Owned by Each Reporting Person<br>222,231,601(1) |
| 10 | Check if the Aggregate Amount in Row (9) Excludes Certain Shares  | Check if the Aggregate Amount in Row (9) Excludes Certain Shares  | Check if the Aggregate Amount in Row (9) Excludes Certain Shares  |
| 11 | Percent of Class Represented by Amount in Row 9<br>8.24%(2) (or 1.30%(2) of the aggregate voting power) | Percent of Class Represented by Amount in Row 9<br>8.24%(2) (or 1.30%(2) of the aggregate voting power) | Percent of Class Represented by Amount in Row 9<br>8.24%(2) (or 1.30%(2) of the aggregate voting power) |
| 12 | Type of Reporting Person<br>PN | Type of Reporting Person<br>PN | Type of Reporting Person<br>PN |

---

------

(1)Represents 166,673,701 Class A ordinary shares and 13,889,475 ADSs (representing 55,557,900 Class A ordinary shares) held by Zhen Partners Fund IV, L.P. The general partner of Zhen Partners Fund IV, L.P. is Zhen Partners Management (MTGP) IV, L.P., whose general partner is Zhen Partners Management (TTGP) IV, Ltd. Zhen International Ltd. holds 51% equity interest in Zhen Partners Management (TTGP) IV, Ltd. Zhen International Ltd. is wholly owned by Rosy Glow Holdings Limited. Best Belief PTC Limited, trustee of The Best Belief Family Trust, holds 100% equity interest in Rosy Glow Holdings Limited. Mr. Xu Xiaoping is the settlor of the Best Belief Family Trust and has the shared voting and investment control over these shares.

(2)The beneficial ownership percentage is calculated based on 2,697,173,763 ordinary shares of the Issuer as a single class, being the sum of (i) 1,938,303,919 Class A ordinary shares, and (ii) 758,869,844 Class B ordinary shares issued and outstanding as of February 28, 2022, assuming conversion of all Class B ordinary shares into Class A ordinary shares, as reported in the Issuer's annual report on Form 20-F filed with the Securities and Exchange Commission on April 22, 2022 (the "Issuer's 20-F Filing"). The voting power of the shares beneficially owned represented 1.30% of the total outstanding voting power.

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CUSIP No. 985194109 Page 3 of 17 Pages

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| | | | |
|:---|:---|:---|:---|
| 1 | Name of Reporting Person<br>Zhen Partners Management (MTGP) IV, L.P. | Name of Reporting Person<br>Zhen Partners Management (MTGP) IV, L.P. | Name of Reporting Person<br>Zhen Partners Management (MTGP) IV, L.P. |
| 2 | Check the Appropriate Box if a Member of a Group<br>(a) ☐<br>(b) ☐ | Check the Appropriate Box if a Member of a Group<br>(a) ☐<br>(b) ☐ | Check the Appropriate Box if a Member of a Group<br>(a) ☐<br>(b) ☐ |
| 3 | SEC Use Only  | SEC Use Only  | SEC Use Only  |
| 4 | Citizenship or Place of Organization <br>Cayman Islands | Citizenship or Place of Organization <br>Cayman Islands | Citizenship or Place of Organization <br>Cayman Islands |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 5 | Sole Voting Power <br>0<br>|
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 6 | Shared Voting Power <br>222,231,601(1)<br>|
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 7 | Sole Dispositive Power <br>0<br>|
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 8 | Shared Dispositive Power <br>222,231,601(1)<br>|
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>222,231,601(1) | Aggregate Amount Beneficially Owned by Each Reporting Person<br>222,231,601(1) | Aggregate Amount Beneficially Owned by Each Reporting Person<br>222,231,601(1) |
| 10 | Check if the Aggregate Amount in Row (9) Excludes Certain Shares  | Check if the Aggregate Amount in Row (9) Excludes Certain Shares  | Check if the Aggregate Amount in Row (9) Excludes Certain Shares  |
| 11 | Percent of Class Represented by Amount in Row 9<br>8.24%(2) (or 1.30%(2) of the aggregate voting power) | Percent of Class Represented by Amount in Row 9<br>8.24%(2) (or 1.30%(2) of the aggregate voting power) | Percent of Class Represented by Amount in Row 9<br>8.24%(2) (or 1.30%(2) of the aggregate voting power) |
| 12 | Type of Reporting Person<br>PN | Type of Reporting Person<br>PN | Type of Reporting Person<br>PN |

---

------

(1)Represents 166,673,701 Class A ordinary shares and 13,889,475 ADSs (representing 55,557,900 Class A ordinary shares) held by Zhen Partners Fund IV, L.P. The general partner of Zhen Partners Fund IV, L.P. is Zhen Partners Management (MTGP) IV, L.P., whose general partner is Zhen Partners Management (TTGP) IV, Ltd. Zhen International Ltd. holds 51% equity interest in Zhen Partners Management (TTGP) IV, Ltd. Zhen International Ltd. is wholly owned by Rosy Glow Holdings Limited. Best Belief PTC Limited, trustee of The Best Belief Family Trust, holds 100% equity interest in Rosy Glow Holdings Limited. Mr. Xu Xiaoping is the settlor of the Best Belief Family Trust and has the shared voting and investment control over these shares.

(2)The beneficial ownership percentage is calculated based on 2,697,173,763 ordinary shares of the Issuer as a single class, being the sum of (i) 1,938,303,919 Class A ordinary shares, and (ii) 758,869,844 Class B ordinary shares issued and outstanding as of February 28, 2022, assuming conversion of all Class B ordinary shares into Class A ordinary shares, as reported in the Issuer's 20-F Filing. The voting power of the shares beneficially owned represented 1.30% of the total outstanding voting power.

------

CUSIP No. 985194109 Page 4 of 17 Pages

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| | | | |
|:---|:---|:---|:---|
| 1 | Name of Reporting Person<br>Zhen Partners Management (TTGP) IV, Ltd. | Name of Reporting Person<br>Zhen Partners Management (TTGP) IV, Ltd. | Name of Reporting Person<br>Zhen Partners Management (TTGP) IV, Ltd. |
| 2 | Check the Appropriate Box if a Member of a Group<br>(a) ☐<br>(b) ☐ | Check the Appropriate Box if a Member of a Group<br>(a) ☐<br>(b) ☐ | Check the Appropriate Box if a Member of a Group<br>(a) ☐<br>(b) ☐ |
| 3 | SEC Use Only  | SEC Use Only  | SEC Use Only  |
| 4 | Citizenship or Place of Organization<br>Cayman Islands  | Citizenship or Place of Organization<br>Cayman Islands  | Citizenship or Place of Organization<br>Cayman Islands  |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 5 | Sole Voting Power <br>0<br>|
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 6 | Shared Voting Power <br>222,231,601(1)<br>|
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 7 | Sole Dispositive Power <br>0<br>|
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 8 | Shared Dispositive Power <br>222,231,601(1)<br>|
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>222,231,601(1) | Aggregate Amount Beneficially Owned by Each Reporting Person<br>222,231,601(1) | Aggregate Amount Beneficially Owned by Each Reporting Person<br>222,231,601(1) |
| 10 | Check if the Aggregate Amount in Row (9) Excludes Certain Shares  | Check if the Aggregate Amount in Row (9) Excludes Certain Shares  | Check if the Aggregate Amount in Row (9) Excludes Certain Shares  |
| 11 | Percent of Class Represented by Amount in Row 9<br>8.24%(2) (or 1.30%(2) of the aggregate voting power) | Percent of Class Represented by Amount in Row 9<br>8.24%(2) (or 1.30%(2) of the aggregate voting power) | Percent of Class Represented by Amount in Row 9<br>8.24%(2) (or 1.30%(2) of the aggregate voting power) |
| 12 | Type of Reporting Person<br>CO | Type of Reporting Person<br>CO | Type of Reporting Person<br>CO |

---

------

(1)Represents 166,673,701 Class A ordinary shares and 13,889,475 ADSs (representing 55,557,900 Class A ordinary shares) held by Zhen Partners Fund IV, L.P. The general partner of Zhen Partners Fund IV, L.P. is Zhen Partners Management (MTGP) IV, L.P., whose general partner is Zhen Partners Management (TTGP) IV, Ltd. Zhen International Ltd. holds 51% equity interest in Zhen Partners Management (TTGP) IV, Ltd. Zhen International Ltd. is wholly owned by Rosy Glow Holdings Limited. Best Belief PTC Limited, trustee of The Best Belief Family Trust, holds 100% equity interest in Rosy Glow Holdings Limited. Mr. Xu Xiaoping is the settlor of the Best Belief Family Trust and has the shared voting and investment control over these shares.

(2)The beneficial ownership percentage is calculated based on 2,697,173,763 ordinary shares of the Issuer as a single class, being the sum of (i) 1,938,303,919 Class A ordinary shares, and (ii) 758,869,844 Class B ordinary shares issued and outstanding as of February 28, 2022, assuming conversion of all Class B ordinary shares into Class A ordinary shares, as reported in the Issuer's 20-F Filing. The voting power of the shares beneficially owned represented 1.30% of the total outstanding voting power.

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CUSIP No. 985194109 Page 5 of 17 Pages

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| | | | |
|:---|:---|:---|:---|
| 1 | Name of Reporting Person<br>Zhen Fund COV LLC(1) | Name of Reporting Person<br>Zhen Fund COV LLC(1) | Name of Reporting Person<br>Zhen Fund COV LLC(1) |
| 2 | Check the Appropriate Box if a Member of a Group<br>(a) ☐<br>(b) ☐ | Check the Appropriate Box if a Member of a Group<br>(a) ☐<br>(b) ☐ | Check the Appropriate Box if a Member of a Group<br>(a) ☐<br>(b) ☐ |
| 3 | SEC Use Only  | SEC Use Only  | SEC Use Only  |
| 4 | Citizenship or Place of Organization <br>Cayman Islands | Citizenship or Place of Organization <br>Cayman Islands | Citizenship or Place of Organization <br>Cayman Islands |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 5 | Sole Voting Power <br>0<br>|
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 6 | Shared Voting Power <br>0<br>|
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 7 | Sole Dispositive Power <br>0<br>|
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 8 | Shared Dispositive Power<br>0 <br>|
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>0  | Aggregate Amount Beneficially Owned by Each Reporting Person<br>0  | Aggregate Amount Beneficially Owned by Each Reporting Person<br>0  |
| 10 | Check if the Aggregate Amount in Row (9) Excludes Certain Shares  | Check if the Aggregate Amount in Row (9) Excludes Certain Shares  | Check if the Aggregate Amount in Row (9) Excludes Certain Shares  |
| 11 | Percent of Class Represented by Amount in Row 9<br>0% | Percent of Class Represented by Amount in Row 9<br>0% | Percent of Class Represented by Amount in Row 9<br>0% |
| 12 | Type of Reporting Person<br>OO | Type of Reporting Person<br>OO | Type of Reporting Person<br>OO |

---

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(1)The manager of Zhen Fund COV LLC is Zhen Advisors Ltd., which is wholly owned by Zhen International Ltd. Zhen International Ltd. is wholly owned by Rosy Glow Holdings Limited. Best Belief PTC Limited, trustee of The Best Belief Family Trust, holds 100% equity interest in Rosy Glow Holdings Limited. Mr. Xu Xiaoping is the settlor of the Best Belief Family Trust.

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CUSIP No. 985194109 Page 6 of 17 Pages

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| | | | |
|:---|:---|:---|:---|
| 1 | Name of Reporting Person<br>Zhen Advisors Ltd. | Name of Reporting Person<br>Zhen Advisors Ltd. | Name of Reporting Person<br>Zhen Advisors Ltd. |
| 2 | Check the Appropriate Box if a Member of a Group<br>(a) ☐<br>(b) ☐ | Check the Appropriate Box if a Member of a Group<br>(a) ☐<br>(b) ☐ | Check the Appropriate Box if a Member of a Group<br>(a) ☐<br>(b) ☐ |
| 3 | SEC Use Only  | SEC Use Only  | SEC Use Only  |
| 4 | Citizenship or Place of Organization <br>Cayman Islands | Citizenship or Place of Organization <br>Cayman Islands | Citizenship or Place of Organization <br>Cayman Islands |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 5 | Sole Voting Power <br>0<br>|
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 6 | Shared Voting Power <br>637,328(1)<br>|
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 7 | Sole Dispositive Power <br>0<br>|
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 8 | Shared Dispositive Power <br>637,328(1)<br>|
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>637,328(1) | Aggregate Amount Beneficially Owned by Each Reporting Person<br>637,328(1) | Aggregate Amount Beneficially Owned by Each Reporting Person<br>637,328(1) |
| 10 | Check if the Aggregate Amount in Row (9) Excludes Certain Shares  | Check if the Aggregate Amount in Row (9) Excludes Certain Shares  | Check if the Aggregate Amount in Row (9) Excludes Certain Shares  |
| 11 | Percent of Class Represented by Amount in Row 9<br>0.02%(2) (or 0.004%(2) of the aggregate voting power) | Percent of Class Represented by Amount in Row 9<br>0.02%(2) (or 0.004%(2) of the aggregate voting power) | Percent of Class Represented by Amount in Row 9<br>0.02%(2) (or 0.004%(2) of the aggregate voting power) |
| 12 | Type of Reporting Person<br>OO | Type of Reporting Person<br>OO | Type of Reporting Person<br>OO |

---

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(1)Represents 159,332 ADSs (representing 637,328 Class A ordinary shares) held by Zhen Advisors Ltd. Zhen Advisors Ltd. is wholly owned by Zhen International Ltd., which is wholly owned by Rosy Glow Holdings Limited. Best Belief PTC Limited, trustee of The Best Belief Family Trust, holds 100% equity interest in Rosy Glow Holdings Limited. Mr. Xu Xiaoping is the settlor of the Best Belief Family Trust and has the shared voting and investment control over these shares.

(2)The beneficial ownership percentage is calculated based on 2,697,173,763 ordinary shares of the Issuer as a single class, being the sum of (i) 1,938,303,919 Class A ordinary shares, and (ii) 758,869,844 Class B ordinary shares issued and outstanding as of February 28, 2022, assuming conversion of all Class B ordinary shares into Class A ordinary shares, as reported in the Issuer's 20-F Filing. The voting power of the shares beneficially owned represented 0.004% of the total outstanding voting power.

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CUSIP No. 985194109 Page 7 of 17 Pages

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| | | | |
|:---|:---|:---|:---|
| 1 | Name of Reporting Person<br>Zhen International Ltd. | Name of Reporting Person<br>Zhen International Ltd. | Name of Reporting Person<br>Zhen International Ltd. |
| 2 | Check the Appropriate Box if a Member of a Group<br>(a) ☐<br>(b) ☐ | Check the Appropriate Box if a Member of a Group<br>(a) ☐<br>(b) ☐ | Check the Appropriate Box if a Member of a Group<br>(a) ☐<br>(b) ☐ |
| 3 | SEC Use Only  | SEC Use Only  | SEC Use Only  |
| 4 | Citizenship or Place of Organization <br>British Virgin Islands | Citizenship or Place of Organization <br>British Virgin Islands | Citizenship or Place of Organization <br>British Virgin Islands |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 5 | Sole Voting Power <br>0<br>|
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 6 | Shared Voting Power <br>222,868,929(1)<br>|
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 7 | Sole Dispositive Power <br>0<br>|
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 8 | Shared Dispositive Power <br>222,868,929(1)<br>|
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>222,868,929(1) | Aggregate Amount Beneficially Owned by Each Reporting Person<br>222,868,929(1) | Aggregate Amount Beneficially Owned by Each Reporting Person<br>222,868,929(1) |
| 10 | Check if the Aggregate Amount in Row (9) Excludes Certain Shares  | Check if the Aggregate Amount in Row (9) Excludes Certain Shares  | Check if the Aggregate Amount in Row (9) Excludes Certain Shares  |
| 11 | Percent of Class Represented by Amount in Row 9<br>8.26%(2) (or 1.30%(2) of the aggregate voting power) | Percent of Class Represented by Amount in Row 9<br>8.26%(2) (or 1.30%(2) of the aggregate voting power) | Percent of Class Represented by Amount in Row 9<br>8.26%(2) (or 1.30%(2) of the aggregate voting power) |
| 12 | Type of Reporting Person<br>CO | Type of Reporting Person<br>CO | Type of Reporting Person<br>CO |

---

------

(1)Represents (i) 166,673,701 Class A ordinary shares and 13,889,475 ADSs (representing 55,557,900 Class A ordinary shares) held by Zhen Partners Fund IV, L.P., and (ii) 159,332 ADSs (representing 637,328 Class A ordinary shares) held by Zhen Advisors Ltd. The general partner of Zhen Partners Fund IV, L.P. is Zhen Partners Management (MTGP) IV, L.P., whose general partner is Zhen Partners Management (TTGP) IV, Ltd. Zhen Advisors Ltd. is wholly owned by Zhen International Ltd., which holds 51% equity interest in Zhen Partners Management (TTGP) IV, Ltd. Zhen International Ltd. is wholly owned by Rosy Glow Holdings Limited. Best Belief PTC Limited, trustee of The Best Belief Family Trust, holds 100% equity interest in Rosy Glow Holdings Limited. Mr. Xu Xiaoping is the settlor of the Best Belief Family Trust and has the shared voting and investment control over these shares.

(2)The beneficial ownership percentage is calculated based on 2,697,173,763 ordinary shares of the Issuer as a single class, being the sum of (i) 1,938,303,919 Class A ordinary shares, and (ii) 758,869,844 Class B ordinary shares issued and outstanding as of February 28, 2022, assuming conversion of all Class B ordinary shares into Class A ordinary shares, as reported in the Issuer's 20-F Filing. The voting power of the shares beneficially owned represented 1.30% of the total outstanding voting power.

------

CUSIP No. 985194109 Page 8 of 17 Pages

---

| | | | |
|:---|:---|:---|:---|
| 1 | Name of Reporting Person<br>Success Origin Limited | Name of Reporting Person<br>Success Origin Limited | Name of Reporting Person<br>Success Origin Limited |
| 2 | Check the Appropriate Box if a Member of a Group<br>(a) ☐<br>(b) ☐ | Check the Appropriate Box if a Member of a Group<br>(a) ☐<br>(b) ☐ | Check the Appropriate Box if a Member of a Group<br>(a) ☐<br>(b) ☐ |
| 3 | SEC Use Only  | SEC Use Only  | SEC Use Only  |
| 4 | Citizenship or Place of Organization <br>British Virgin Islands | Citizenship or Place of Organization <br>British Virgin Islands | Citizenship or Place of Organization <br>British Virgin Islands |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 5 | Sole Voting Power <br>0<br>|
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 6 | Shared Voting Power <br>1,417,312(1)<br>|
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 7 | Sole Dispositive Power <br>0<br>|
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 8 | Shared Dispositive Power <br>1,417,312(1) <br>|
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1,417,312(1) | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1,417,312(1) | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1,417,312(1) |
| 10 | Check if the Aggregate Amount in Row (9) Excludes Certain Shares  | Check if the Aggregate Amount in Row (9) Excludes Certain Shares  | Check if the Aggregate Amount in Row (9) Excludes Certain Shares  |
| 11 | Percent of Class Represented by Amount in Row 9<br>0.05%(2) (or 0.01%(2) of the aggregate voting power) | Percent of Class Represented by Amount in Row 9<br>0.05%(2) (or 0.01%(2) of the aggregate voting power) | Percent of Class Represented by Amount in Row 9<br>0.05%(2) (or 0.01%(2) of the aggregate voting power) |
| 12 | Type of Reporting Person<br>CO | Type of Reporting Person<br>CO | Type of Reporting Person<br>CO |

---

------

(1)Represents 354,328 ADSs (representing 1,417,312 Class A ordinary shares) held by Success Origin Limited. Success Origin Limited is wholly owned by Rosy Glow Holdings Limited. Best Belief PTC Limited, trustee of The Best Belief Family Trust, holds 100% equity interest in Rosy Glow Holdings Limited. Mr. Xu Xiaoping is the settlor of the Best Belief Family Trust and has the shared voting and investment control over these shares.

(2)The beneficial ownership percentage is calculated based on 2,697,173,763 ordinary shares of the Issuer as a single class, being the sum of (i) 1,938,303,919 Class A ordinary shares, and (ii) 758,869,844 Class B ordinary shares issued and outstanding as of February 28, 2022, assuming conversion of all Class B ordinary shares into Class A ordinary shares, as reported in the Issuer's 20-F Filing. The voting power of the shares beneficially owned represented 0.01% of the total outstanding voting power.

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CUSIP No. 985194109 Page 9 of 17 Pages

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| | | | |
|:---|:---|:---|:---|
| 1 | Name of Reporting Person<br>Rosy Glow Holdings Limited | Name of Reporting Person<br>Rosy Glow Holdings Limited | Name of Reporting Person<br>Rosy Glow Holdings Limited |
| 2 | Check the Appropriate Box if a Member of a Group<br>(a) ☐<br>(b) ☐ | Check the Appropriate Box if a Member of a Group<br>(a) ☐<br>(b) ☐ | Check the Appropriate Box if a Member of a Group<br>(a) ☐<br>(b) ☐ |
| 3 | SEC Use Only  | SEC Use Only  | SEC Use Only  |
| 4 | Citizenship or Place of Organization <br>Republic of Seychelles | Citizenship or Place of Organization <br>Republic of Seychelles | Citizenship or Place of Organization <br>Republic of Seychelles |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 5 | Sole Voting Power <br>0<br>|
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 6 | Shared Voting Power <br>224,286,241(1)<br>|
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 7 | Sole Dispositive Power <br>0<br>|
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 8 | Shared Dispositive Power <br>224,286,241(1)<br>|
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>224,286,241(1) | Aggregate Amount Beneficially Owned by Each Reporting Person<br>224,286,241(1) | Aggregate Amount Beneficially Owned by Each Reporting Person<br>224,286,241(1) |
| 10 | Check if the Aggregate Amount in Row (9) Excludes Certain Shares  | Check if the Aggregate Amount in Row (9) Excludes Certain Shares  | Check if the Aggregate Amount in Row (9) Excludes Certain Shares  |
| 11 | Percent of Class Represented by Amount in Row 9<br>8.32%(2) (or 1.31%(2) of the aggregate voting power) | Percent of Class Represented by Amount in Row 9<br>8.32%(2) (or 1.31%(2) of the aggregate voting power) | Percent of Class Represented by Amount in Row 9<br>8.32%(2) (or 1.31%(2) of the aggregate voting power) |
| 12 | Type of Reporting Person<br>CO | Type of Reporting Person<br>CO | Type of Reporting Person<br>CO |

---

------

(1)Represents (i) 166,673,701 Class A ordinary shares and 13,889,475 ADSs (representing 55,557,900 Class A ordinary shares) held by Zhen Partners Fund IV, L.P., (ii) 159,332 ADSs (representing 637,328 Class A ordinary shares) held by Zhen Advisors Ltd., and (iii) 354,328 ADSs (representing 1,417,312 Class A ordinary shares) held by Success Origin Limited. The general partner of Zhen Partners Fund IV, L.P. is Zhen Partners Management (MTGP) IV, L.P., whose general partner is Zhen Partners Management (TTGP) IV, Ltd. Zhen Advisors Ltd. is wholly owned by Zhen International Ltd., which holds 51% equity interest in Zhen Partners Management (TTGP) IV, Ltd. Zhen International Ltd. and Success Origin Limited are wholly owned by Rosy Glow Holdings Limited. Best Belief PTC Limited, trustee of The Best Belief Family Trust, holds 100% equity interest in Rosy Glow Holdings Limited. Mr. Xu Xiaoping is the settlor of the Best Belief Family Trust and has the shared voting and investment control over these shares.

(2)The beneficial ownership percentage is calculated based on 2,697,173,763 ordinary shares of the Issuer as a single class, being the sum of (i) 1,938,303,919 Class A ordinary shares, and (ii) 758,869,844 Class B ordinary shares issued and outstanding as of February 28, 2022, assuming conversion of all Class B ordinary shares into Class A ordinary shares, as reported in the Issuer's 20-F Filing. The voting power of the shares beneficially owned represented 1.31% of the total outstanding voting power.

------

CUSIP No. 985194109 Page 10 of 17 Pages

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| | | | |
|:---|:---|:---|:---|
| 1 | Name of Reporting Person<br>Best Belief PTC Limited as the trustee of The Best Belief Family Trust | Name of Reporting Person<br>Best Belief PTC Limited as the trustee of The Best Belief Family Trust | Name of Reporting Person<br>Best Belief PTC Limited as the trustee of The Best Belief Family Trust |
| 2 | Check the Appropriate Box if a Member of a Group<br>(a) ☐<br>(b) ☐ | Check the Appropriate Box if a Member of a Group<br>(a) ☐<br>(b) ☐ | Check the Appropriate Box if a Member of a Group<br>(a) ☐<br>(b) ☐ |
| 3 | SEC Use Only  | SEC Use Only  | SEC Use Only  |
| 4 | Citizenship or Place of Organization <br>British Virgin Islands | Citizenship or Place of Organization <br>British Virgin Islands | Citizenship or Place of Organization <br>British Virgin Islands |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 5 | Sole Voting Power <br>0<br>|
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 6 | Shared Voting Power <br>224,286,241(1)<br>|
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 7 | Sole Dispositive Power <br>0<br>|
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 8 | Shared Dispositive Power <br>224,286,241(1)<br>|
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>224,286,241(1) | Aggregate Amount Beneficially Owned by Each Reporting Person<br>224,286,241(1) | Aggregate Amount Beneficially Owned by Each Reporting Person<br>224,286,241(1) |
| 10 | Check if the Aggregate Amount in Row (9) Excludes Certain Shares  | Check if the Aggregate Amount in Row (9) Excludes Certain Shares  | Check if the Aggregate Amount in Row (9) Excludes Certain Shares  |
| 11 | Percent of Class Represented by Amount in Row 9<br>8.32%(2) (or 1.31%(2) of the aggregate voting power) | Percent of Class Represented by Amount in Row 9<br>8.32%(2) (or 1.31%(2) of the aggregate voting power) | Percent of Class Represented by Amount in Row 9<br>8.32%(2) (or 1.31%(2) of the aggregate voting power) |
| 12 | Type of Reporting Person<br>OO | Type of Reporting Person<br>OO | Type of Reporting Person<br>OO |

---

------

(1)Represents (i) 166,673,701 Class A ordinary shares and 13,889,475 ADSs (representing 55,557,900 Class A ordinary shares) held by Zhen Partners Fund IV, L.P., (ii) 159,332 ADSs (representing 637,328 Class A ordinary shares) held by Zhen Advisors Ltd., and (iii) 354,328 ADSs (representing 1,417,312 Class A ordinary shares) held by Success Origin Limited. The general partner of Zhen Partners Fund IV, L.P. is Zhen Partners Management (MTGP) IV, L.P., whose general partner is Zhen Partners Management (TTGP) IV, Ltd. Zhen Advisors Ltd. is wholly owned by Zhen International Ltd., which holds 51% equity interest in Zhen Partners Management (TTGP) IV, Ltd. Zhen International Ltd. and Success Origin Limited are wholly owned by Rosy Glow Holdings Limited. Best Belief PTC Limited, trustee of The Best Belief Family Trust, holds 100% equity interest in Rosy Glow Holdings Limited. Mr. Xu Xiaoping is the settlor of the Best Belief Family Trust and has the shared voting and investment control over these shares.

(2)The beneficial ownership percentage is calculated based on 2,697,173,763 ordinary shares of the Issuer as a single class, being the sum of (i) 1,938,303,919 Class A ordinary shares, and (ii) 758,869,844 Class B ordinary shares issued and outstanding as of February 28, 2022, assuming conversion of all Class B ordinary shares into Class A ordinary shares, as reported in the Issuer's 20-F Filing. The voting power of the shares beneficially owned represented 1.31% of the total outstanding voting power.

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CUSIP No. 985194109 Page 11 of 17 Pages

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| | | | |
|:---|:---|:---|:---|
| 1 | Name of Reporting Person<br>Xu Xiaoping | Name of Reporting Person<br>Xu Xiaoping | Name of Reporting Person<br>Xu Xiaoping |
| 2 | Check the Appropriate Box if a Member of a Group<br>(a) ☐<br>(b) ☐ | Check the Appropriate Box if a Member of a Group<br>(a) ☐<br>(b) ☐ | Check the Appropriate Box if a Member of a Group<br>(a) ☐<br>(b) ☐ |
| 3 | SEC Use Only  | SEC Use Only  | SEC Use Only  |
| 4 | Citizenship or Place of Organization <br>Canada | Citizenship or Place of Organization <br>Canada | Citizenship or Place of Organization <br>Canada |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 5 | Sole Voting Power <br>0<br>|
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 6 | Shared Voting Power <br>224,286,241(1)<br>|
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 7 | Sole Dispositive Power <br>0<br>|
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person With | 8 | Shared Dispositive Power <br>224,286,241(1)<br>|
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>224,286,241(1) | Aggregate Amount Beneficially Owned by Each Reporting Person<br>224,286,241(1) | Aggregate Amount Beneficially Owned by Each Reporting Person<br>224,286,241(1) |
| 10 | Check if the Aggregate Amount in Row (9) Excludes Certain Shares  | Check if the Aggregate Amount in Row (9) Excludes Certain Shares  | Check if the Aggregate Amount in Row (9) Excludes Certain Shares  |
| 11 | Percent of Class Represented by Amount in Row 9<br>8.32%(2) (or 1.31%(2) of the aggregate voting power) | Percent of Class Represented by Amount in Row 9<br>8.32%(2) (or 1.31%(2) of the aggregate voting power) | Percent of Class Represented by Amount in Row 9<br>8.32%(2) (or 1.31%(2) of the aggregate voting power) |
| 12 | Type of Reporting Person<br>IN | Type of Reporting Person<br>IN | Type of Reporting Person<br>IN |

---

------

(1)Represents (i) 166,673,701 Class A ordinary shares and 13,889,475 ADSs (representing 55,557,900 Class A ordinary shares) held by Zhen Partners Fund IV, L.P., (ii) 159,332 ADSs (representing 637,328 Class A ordinary shares) held by Zhen Advisors Ltd., and (iii) 354,328 ADSs (representing 1,417,312 Class A ordinary shares) held by Success Origin Limited. The general partner of Zhen Partners Fund IV, L.P. is Zhen Partners Management (MTGP) IV, L.P., whose general partner is Zhen Partners Management (TTGP) IV, Ltd. Zhen Advisors Ltd. is wholly owned by Zhen International Ltd., which holds 51% equity interest in Zhen Partners Management (TTGP) IV, Ltd. Zhen International Ltd. and Success Origin Limited are wholly owned by Rosy Glow Holdings Limited. Best Belief PTC Limited, trustee of The Best Belief Family Trust, holds 100% equity interest in Rosy Glow Holdings Limited. Mr. Xu Xiaoping is the settlor of the Best Belief Family Trust and has the shared voting and investment control over these shares.

(2)The beneficial ownership percentage is calculated based on 2,697,173,763 ordinary shares of the Issuer as a single class, being the sum of (i) 1,938,303,919 Class A ordinary shares, and (ii) 758,869,844 Class B ordinary shares issued and outstanding as of February 28, 2022, assuming conversion of all Class B ordinary shares into Class A ordinary shares, as reported in the Issuer's 20-F Filing. The voting power of the shares beneficially owned represented 1.31% of the total outstanding voting power.

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CUSIP No. 985194109 Page 12 of 17 Pages

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| | |
|:---|:---|
| **Item 1(a).** | **Name of Issuer:**<br> Yatsen Holding Limited |
| **Item 1(b).** | **Address of Issuer's Principal Executive Offices:**<br> Building No. 35, Art Port International Creation Center, No. 2519 Xingang East Road, Haizhu District, Guangzhou 510330, People's Republic of China<br>|
| **Item 2(a).** | **Name of Person Filing:**<br>(i)Zhen Partners Fund IV, L.P.<br>(ii)Zhen Partners Management (MTGP) IV, L.P. <br>(iii)Zhen Partners Management (TTGP) IV, Ltd. <br>(iv)Zhen Fund COV LLC <br>(v)Zhen Advisors Ltd.<br>(vi)Zhen International Ltd.<br>(vii)Success Origin Limited<br>(viii)Rosy Glow Holdings Limited<br>(ix)Best Belief PTC Limited<br>(x)Xu Xiaoping<br>(collectively, the "Reporting Persons")  |
| **Item 2(b).** | **Address of Principal Business Office or, if none, Residence:**<br> The addresses of the Reporting Persons are: <br>(i) Zhen Partners Fund IV, L.P. <br>P.O. Box 10008, Willow House, Cricket Square, Grand Cayman, KY1-1001, Cayman Islands<br>(ii) Zhen Partners Management (MTGP) IV, L.P. <br>P.O. Box 10008, Willow House, Cricket Square, Grand Cayman, KY1-1001, Cayman Islands <br>(iii) Zhen Partners Management (TTGP) IV, Ltd. <br>P.O. Box 10008, Willow House, Cricket Square, Grand Cayman, KY1-1001, Cayman Islands <br>(iv) Zhen Fund COV LLC <br>P.O. Box 10008, Willow House, Cricket Square, Grand Cayman, KY1-1001, Cayman Islands<br>(v) Zhen Advisors Ltd.<br>P.O. Box 10008, Willow House, Cricket Square, Grand Cayman, KY1-1001, Cayman Islands<br>(vi) Zhen International Ltd. <br>Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, British Virgin Islands<br>(vii) Success Origin Limited <br>Intershore Chambers P.O Box 4342, Road Town, Tortola, British Virgin Islands<br>(viii) Rosy Glow Holdings Limited <br>306 Victoria House, Victoria, Mahe, Seychelles<br>(ix) Best Belief PTC Limited <br>3076 Sir Francis Drake's Highway, Road Town, Tortola, British Virgin Islands<br>(x) Xu Xiaoping <br>32 Orange Grove Road, M812, Le Grove Serviced Residences, Singapore<br>|

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CUSIP No. 985194109 Page 13 of 17 Pages

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| | |
|:---|:---|
| **Item 2(c)** | **Citizenship:** <br>Zhen Partners Fund IV, L.P. – Cayman Islands <br>Zhen Partners Management (MTGP) IV, L.P. – Cayman Islands<br>Zhen Partners Management (TTGP) IV, Ltd. – Cayman Islands<br>Zhen Fund COV LLC - Cayman Islands<br>Zhen Advisors Ltd. – Cayman Islands<br>Zhen International Ltd. – British Virgin Islands<br>Success Origin Limited – British Virgin Islands<br>Rosy Glow Holdings Limited – Republic of Seychelles<br>Best Belief PTC Limited – British Virgin Islands<br>Xu Xiaoping – Canada<br>|
| **Item 2(d).** | **Title of Class of Securities:**<br> Class A ordinary shares, par value US$0.00001 per share, of the Issuer<br>The Issuer's ordinary shares consist of Class A ordinary shares and Class B ordinary shares. Each holder of Class A ordinary shares is entitled to one vote per share and each holder of Class B ordinary shares is entitled to twenty votes per share, on all matters submitted to shareholders for vote. Class B ordinary shares are convertible at any time by the holder thereof into Class A ordinary shares on a one-for-one basis. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances.<br>|
| **Item 2(e).** | **CUSIP Number:**<br> 985194109<br>This CUSIP number applies to the American depositary shares of the Issuer, each representing four Class A ordinary shares of the Issuer. No CUSIP has been assigned to the Issuer's Class A ordinary shares.<br>|
| **Item 3.** | **If this statement is filed pursuant to §§ 240.13d-1(b), or 240.13d-2(b) or (c), check whether the persons filing is a:** |
|  | Not applicable. |

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CUSIP No. 985194109 Page 14 of 17 Pages

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| | |
|:---|:---|
| **Item 4.** | **Ownership:** |

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The following information with respect to the ownership of Class A ordinary shares by the Reporting Persons filing this statement on Schedule 13G is provided as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reporting Persons** | &nbsp;&nbsp;**Ordinary Shares Held Directly(1)** | &nbsp;&nbsp;**Shared Voting<br>Power(1)** | &nbsp;&nbsp;**Shared Dispositive Power(1)** | &nbsp;&nbsp;**Beneficial Ownership(1)** | &nbsp;&nbsp;**Percentage of Total Ordinary Shares(1)(3)** | &nbsp;&nbsp;**Percentage of the Aggregate Voting Power(1)(3)** |
| &nbsp;&nbsp;Zhen Partners Fund IV, L.P.(2) | &nbsp;&nbsp;222231601 | &nbsp;&nbsp;222231601 | &nbsp;&nbsp;222231601 | &nbsp;&nbsp;222231601 | &nbsp;&nbsp;8.24% | &nbsp;&nbsp;1.30% |
| &nbsp;&nbsp;Zhen Partners Management (MTGP) II, L.P.(2) | &nbsp;&nbsp;0 | &nbsp;&nbsp;222231601 | &nbsp;&nbsp;222231601 | &nbsp;&nbsp;222231601 | &nbsp;&nbsp;8.24% | &nbsp;&nbsp;1.30% |
| &nbsp;&nbsp;Zhen Partners Management (TTGP) II, Ltd.(2) | &nbsp;&nbsp;0 | &nbsp;&nbsp;222231601 | &nbsp;&nbsp;222231601 | &nbsp;&nbsp;222231601 | &nbsp;&nbsp;8.24% | &nbsp;&nbsp;1.30% |
| &nbsp;&nbsp;Zhen Fund COV LLC(2) | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Zhen Advisors Ltd.(2) | &nbsp;&nbsp;637328 | &nbsp;&nbsp;637328  | &nbsp;&nbsp;637328 | &nbsp;&nbsp;637328 | &nbsp;&nbsp;0.02% | &nbsp;&nbsp;0.004% |
| &nbsp;&nbsp;Zhen International Ltd.(2) | &nbsp;&nbsp;0 | &nbsp;&nbsp;222868929 | &nbsp;&nbsp;222868929 | &nbsp;&nbsp;222868929 | &nbsp;&nbsp;8.26% | &nbsp;&nbsp;1.30% |
| &nbsp;&nbsp;Success Origin Limited(2) | &nbsp;&nbsp;1417312 | &nbsp;&nbsp;1417312 | &nbsp;&nbsp;1417312 | &nbsp;&nbsp;1417312 | &nbsp;&nbsp;0.05% | &nbsp;&nbsp;0.01% |
| &nbsp;&nbsp;Rosy Glow Holdings Limited(2) | &nbsp;&nbsp;0 | &nbsp;&nbsp;224286241 | &nbsp;&nbsp;224286241 | &nbsp;&nbsp;224286241 | &nbsp;&nbsp;8.32% | &nbsp;&nbsp;1.31% |
| &nbsp;&nbsp;Best Belief PTC Limited(2) | &nbsp;&nbsp;0 | &nbsp;&nbsp;224286241 | &nbsp;&nbsp;224286241 | &nbsp;&nbsp;224286241 | &nbsp;&nbsp;8.32% | &nbsp;&nbsp;1.31% |
| &nbsp;&nbsp;Xu Xiaoping(2) | &nbsp;&nbsp;0 | &nbsp;&nbsp;224286241 | &nbsp;&nbsp;224286241 | &nbsp;&nbsp;224286241 | &nbsp;&nbsp;8.32% | &nbsp;&nbsp;1.31% |

---

____________

(1)Represents the number of Class A ordinary shares (including Class A ordinary shares represented by ADSs) beneficially owned by the Reporting Persons as of December 31, 2022.

(2)The manager of Zhen Fund COV LLC is Zhen Advisors Ltd., which is wholly owned by Zhen International Ltd. The general partner of Zhen Partners Fund IV, L.P. is Zhen Partners Management (MTGP) IV, L.P., whose general partner is Zhen Partners Management (TTGP) IV, Ltd. Zhen International Ltd. holds 51% equity interest in Zhen Partners Management (TTGP) IV, Ltd. Zhen International Ltd. and Success Origin Limited are wholly owned by Rosy Glow Holdings Limited. Best Belief PTC Limited, trustee of The Best Belief Family Trust, holds 100% equity interest in Rosy Glow Holdings Limited. Mr. Xu Xiaoping is the settlor of the Best Belief Family Trust and has the shared voting and investment control over these shares.

(3)The beneficial ownership percentage is calculated based on 2,697,173,763 ordinary shares of the Issuer as a single class, being the sum of (i) 1,938,303,919 Class A ordinary shares, and (ii) 758,869,844 Class B ordinary shares issued and outstanding as of February 28, 2022, assuming conversion of all Class B ordinary shares into Class A ordinary shares, as reported in the Issuer's 20-F Filing.

---

| | |
|:---|:---|
| **Item 5.** | **Ownership of Five Percent or Less of a Class:** |
|  | Not applicable. |
| **Item 6.** | **Ownership of More than Five Percent on Behalf of Another Person:** |
|  | Not applicable. |

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CUSIP No. 985194109 Page 15 of 17 Pages

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| | |
|:---|:---|
| **Item 7.** | **Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Controlling Person:** |
|  | Not applicable. |
| **Item 8.** | **Identification and Classification of Members of the Group:** |
|  | Not applicable. |
| **Item 9.** | **Notice of Dissolution of Group:** |
|  | Not applicable. |
| **Item 10.** | **Certifications:** |
|  | Not applicable. |

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CUSIP No. 985194109 Page 16 of 17 Pages

**LIST OF EXHIBITS**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [<u>99.1</u>](ck0001819580-ex99_1.htm) | [<u>Joint Filing Agreement</u>](ck0001819580-ex99_1.htm) |

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CUSIP No. 985194109 Page 17 of 17 Pages

**SIGNATURE**

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: February 14, 2023

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| | |
|:---|:---|
| **Zhen Partners Fund IV, L.P.** | **Zhen Partners Fund IV, L.P.** |
| By:  | Zhen Partners Management (MTGP) IV, L.P. |
| By: | Zhen Partners Management (TTGP) IV, Ltd. |
| By: | /s/ Xu Xiaoping |
| Name: | Xu Xiaoping |
| Title: | Authorized Signatory |
| **Zhen Partners Management (MTGP) IV, L.P.** | **Zhen Partners Management (MTGP) IV, L.P.** |
| By:  | Zhen Partners Management (TTGP) IV, Ltd.<br>its General Partner |
| By: | /s/ Xu Xiaoping |
| Name: | Xu Xiaoping |
| Title: | Authorized Signatory |
| **Zhen Partners Management (TTGP) IV, Ltd.** | **Zhen Partners Management (TTGP) IV, Ltd.** |
| By: | /s/ Xu Xiaoping |
| Name: | Xu Xiaoping |
| Title: | Authorized Signatory |
| **Zhen Fund COV LLC** | **Zhen Fund COV LLC** |
| By: | /s/ Xu Xiaoping |
| Name: | Xu Xiaoping |
| Title: | Authorized Signatory |
| **Zhen Advisors Ltd.** | **Zhen Advisors Ltd.** |
| By: | /s/ Xu Xiaoping |
| Name: | Xu Xiaoping |
| Title: | Authorized Signatory |
| **Zhen International Ltd.** | **Zhen International Ltd.** |
| By: | /s/ Xu Xiaoping |
| Name: | Xu Xiaoping |
| Title: | Authorized Signatory |
| **Success Origin Limited** | **Success Origin Limited** |
| By: | /s/ Xu Xiaoping |
| Name: | Xu Xiaoping |
| Title: | Authorized Signatory |
| **Rosy Glow Holdings Limited** | **Rosy Glow Holdings Limited** |
| By: | /s/ Xu Xiaoping |
| Name: | Xu Xiaoping |
| Title: | Authorized Signatory |
| **Best Belief PTC Limited** | **Best Belief PTC Limited** |
| By: | /s/ Xu Xiaoping |
| Name: | Xu Xiaoping |
| Title: | Authorized Signatory |
| **Xu Xiaoping** | **Xu Xiaoping** |
| <u>/s/ Xu Xiaoping</u> | <u>/s/ Xu Xiaoping</u> |

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## Ex-99

CUSIP No. 985194109 Page 1 of 2 Pages

**<u>Exhibit 99.1</u>**

**<u>Joint Filing Agreement</u>**

In accordance with Rule 13d-1(k) promulgated under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree to the joint filing with all other Reporting Persons (as such term is defined in the Schedule 13G referred to below) on behalf of each of them of a statement on Schedule 13G (including amendments thereto) with respect to the Class A ordinary shares, and/or the American depositary shares representing Class A ordinary shares beneficially owned by each of them, of Yatsen Holding Limited, a Cayman Islands exempted company, and that this Agreement may be included as an exhibit to such joint filing. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the undersigned hereby execute this Agreement as of February 14, 2023.

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| | | |
|:---|:---|:---|
| Zhen Partners Fund IV, L.P. | By: <br>By: | Zhen Partners Management (MTGP) IV, L.P.<br>its General Partner<br>Zhen Partners Management (TTGP) IV, Ltd.<br>its General Partner |
|  | By: | /s/ Xu Xiaoping |
|  | Name: | Xu Xiaoping |
|  | Title: | Authorized Signatory |
| Zhen Partners Management (MTGP) IV, L.P. | By: | Zhen Partners Management (TTGP) IV, Ltd.<br>its General Partner |
|  | By: | /s/ Xu Xiaoping |
|  | Name: | Xu Xiaoping |
|  | Title: | Authorized Signatory |
| Zhen Partners Management (TTGP) IV, Ltd. |  |  |
|  | By: | /s/ Xu Xiaoping |
|  | Name: | Xu Xiaoping |
|  | Title: | Authorized Signatory |
| Zhen Fund COV LLC |  |  |
|  | By: | /s/ Xu Xiaoping |
|  | Name: | Xu Xiaoping |
|  | Title: | Authorized Signatory |
| Zhen Advisors Ltd. |  |  |
|  | By: | /s/ Xu Xiaoping |
|  | Name: | Xu Xiaoping |
|  | Title: | Authorized Signatory |

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CUSIP No. 985194109 Page 2 of 2 Pages

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| | | |
|:---|:---|:---|
| Zhen International Ltd. | By: | /s/ Xu Xiaoping |
|  | Name: | Xu Xiaoping |
|  | Title: | Authorized Signatory |
| Success Origin Limited |  |  |
|  | By:  | /s/ Xu Xiaoping |
|  | Name:  | Xu Xiaoping |
|  | Title: | Authorized Signatory |
| Rosy Glow Holdings Limited |  |  |
|  | By: | /s/ Xu Xiaoping |
|  | Name: | Xu Xiaoping |
|  | Title: | Authorized Signatory |
| Best Belief PTC Limited |  |  |
|  | By: | /s/ Xu Xiaoping |
|  | Name: | Xu Xiaoping |
|  | Title: | Authorized Signatory |
| Xu Xiaoping |  |  |
|  |  | /s/ Xu Xiaoping |

---

------