# EDGAR Filing Document

**Accession Number:** 0001699470
**File Stem:** 0001104659-23-019668
**Filing Date:** 2023-2
**Character Count:** 18561
**Document Hash:** c885812de2fca941906a8c544adc169f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-019668.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001104659-23-019668

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

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**GROUP MEMBERS**: BANYAN PARTNERS FUND III-A, L.P.

**GROUP MEMBERS**: BANYAN PARTNERS III 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:** 23618216

**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
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 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

---

| |
|:---|
| **UNITED STATES** |
| **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.**

**(Amendment No.2)** 

**Yatsen Holding Limited**

(Name of Issuer)

**Class A Ordinary Shares, par value US$0.00001 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 the disclosures provided in a prior cover page.

The information required in 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).

 **CUSIP No. 985194109**

1. Names of Reporting Persons **Banyan Partners Fund III, L.P.**

2. Check the Appropriate Box if a Member of a Group (See Instructions)

(a) □

**(b)** ⌧ **(1)** 

3. SEC Use Only

4. Citizenship or Place of Organization **Cayman Islands**

---

| | | |
|:---|:---|:---|
| <br>Number<br> of Shares<br> Beneficially<br> Owned by<br> Each Reporting<br> Person With | 5. | Sole Voting Power<br> **0**<br>|
| <br>Number<br> of Shares<br> Beneficially<br> Owned by<br> Each Reporting<br> Person With | 6. | Shared Voting Power<br> **158,223,822 Class A ordinary shares (2)** <br>|
| <br>Number<br> of Shares<br> Beneficially<br> Owned by<br> Each Reporting<br> Person With | 7. | Sole Dispositive Power<br> **0**<br>|
| <br>Number<br> of Shares<br> Beneficially<br> Owned by<br> Each Reporting<br> Person With | 8. | Shared Dispositive Power<br> **158,223,822 Class A ordinary shares (2)**<br>|

---

9. Aggregate Amount Beneficially Owned by Each Reporting Person **158,223,822 Class A ordinary shares (2)** 

10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ⌧ **(3)** 

11. Percent of Class Represented by Amount in Row (9) **8.2% of Class A ordinary shares (or 5.9% of the total ordinary shares) (4)** 

12. Type of Reporting Person (See Instructions) **PN** 

(1) 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.

(2) Such 158,223,822 Class A ordinary shares are held by Banyan Fund III directly. Banyan Fund III-A directly
holds 27,272,003 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.

(3) Banyan Fund III disclaims beneficial ownership over shares reported herein that are directly held by Banyan
Fund III-A.

(4) Calculation is based on 2,697,173,763 ordinary shares issued and outstanding as of February 28, 2022,
consisting of 1,938,303,919 Class A ordinary shares and 758,869,844 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, 2022 (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 20 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 0.9% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.

**CUSIP No. 985194109**

1. Names of Reporting Persons **Banyan Partners Fund III-A, L.P.**

2. Check the Appropriate Box if a Member of a Group (See Instructions)

(a) □

**(b)** ⌧ **(1)** 

3. SEC Use Only

4. Citizenship or Place of Organization **Cayman Islands**

---

| | | |
|:---|:---|:---|
| <br>Number<br> of Shares<br> Beneficially<br> Owned by<br> Each Reporting<br> Person With | 5. | Sole Voting Power <br> **0**<br>|
| <br>Number<br> of Shares<br> Beneficially<br> Owned by<br> Each Reporting<br> Person With | 6. | Shared Voting Power<br> **27,272,003 Class A ordinary shares (2)** <br>|
| <br>Number<br> of Shares<br> Beneficially<br> Owned by<br> Each Reporting<br> Person With | 7. | Sole Dispositive Power<br> **0**<br>|
| <br>Number<br> of Shares<br> Beneficially<br> Owned by<br> Each Reporting<br> Person With | 8. | Shared Dispositive Power<br> **27,272,003 Class A ordinary shares (2)** <br>|

---

9. Aggregate Amount Beneficially Owned by Each Reporting Person **27,272,003 Class A ordinary shares (2)** 

10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ⌧ **(3)** 

11. Percent of Class Represented by Amount in Row (9) **1.4% of Class A ordinary shares (or 1.0% of the total ordinary shares) (4)** 

12. Type of Reporting Person (See Instructions) **PN** 

(1) 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.

(2) Such 27,272,003 Class A ordinary shares are held by Banyan Fund III-A directly. Banyan Fund III directly
holds 158,223,822 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.

(3) Banyan Fund III-A disclaims beneficial ownership over shares reported herein that are directly held by
Banyan Fund III.

(4) Calculation is based on 2,697,173,763 ordinary shares issued and outstanding as of February 28, 2022,
consisting of 1,938,303,919 Class A ordinary shares and 758,869,844 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 20 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 0.2% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.

**CUSIP No. 985194109**

1. Names of Reporting Persons **Banyan Partners III Ltd.**

2. Check the Appropriate Box if a Member of a Group (See Instructions)

(a) □

**(b)** ⌧ **(1)** 

3. SEC Use Only

4. Citizenship or Place of Organization **Cayman Islands**

---

| | | |
|:---|:---|:---|
| <br>Number<br> of Shares<br> Beneficially<br> Owned by<br> Each Reporting<br> Person With | 5. | Sole Voting Power<br> **0**<br>|
| <br>Number<br> of Shares<br> Beneficially<br> Owned by<br> Each Reporting<br> Person With | 6. | Shared Voting Power<br> **185,495,825 Class A ordinary shares (2)**<br>|
| <br>Number<br> of Shares<br> Beneficially<br> Owned by<br> Each Reporting<br> Person With | 7. | Sole Dispositive Power<br> **0**<br>|
| <br>Number<br> of Shares<br> Beneficially<br> Owned by<br> Each Reporting<br> Person With | 8. | Shared Dispositive Power<br> **185,495,825 Class A ordinary shares (2)**<br>|

---

9. Aggregate Amount Beneficially Owned by Each Reporting Person **185,495,825 Class A ordinary shares (2)** 

10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻

11. Percent of Class Represented by Amount in Row (9) **9.6% of Class A ordinary shares (or 6.9% of the total ordinary shares) (3)** 

12. Type of Reporting Person (See Instructions) **CO** 

(1) 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.

(2) Consists of (i) 158,223,822 Class A ordinary shares directly held by Banyan Fund III and (ii) 27,272,003
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.

(3) Calculation is based on 2,697,173,763 ordinary shares issued and outstanding as of February 28, 2022,
consisting of 1,938,303,919 Class A ordinary shares and 758,869,844 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 20 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 1.1% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.

**CUSIP No. 985194109**

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| | |
|:---|:---|
| **Item 1.** | **Item 1.** |
| (a) | Name of Issuer<br>Yatsen Holding Limited |
| (b) | Address of Issuer's Principal Executive Offices<br>Building No. 35, Art Port International Creation Center, No. 2519 Xingang East Road,<br> Haizhu District, Guangzhou 510330, People's Republic of China |
| **Item 2.** | **Item 2.** |
| (a) | Name of Person Filing<br>Banyan Partners Fund III, L.P. ("Banyan Fund III")<br> Banyan Partners Fund III-A, L.P. ("Banyan Fund III-A")<br> Banyan Partners III Ltd. ("Banyan III GP")  |
| (b) | Address of Principal Business Office or, if none, Residence<br>The address of each of Banyan Partners Fund III, L.P., Banyan Partners Fund III-A, L.P. and Banyan Partners III Ltd. is:<br> c/o Walkers Corporate Limited<br> 190 Elgin Avenue<br> George Town<br> Grand Cayman, KY1-9008<br> Cayman Islands |
| (c) | Citizenship<br>Banyan Partners Fund III, L.P.: Cayman Islands<br> Banyan Partners Fund III-A, L.P.: Cayman Islands<br> Banyan Partners III Ltd.: Cayman Islands  |
| (d) | Title of Class of Securities<br>Class A Ordinary Shares, par value US$0.00001 per share  |
| (e) | CUSIP Number<br>**985194109** |
| **Item 3.** | **If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:** |
| Not applicable. | Not applicable. |

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**Item 4.** **Ownership**

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:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &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<br> of Class A Ordinary Shares (1)(3) | &nbsp;&nbsp;Percentage of Total Ordinary Shares (1)(3) | &nbsp;&nbsp;Percentage of the Aggregate Voting Power (1)(3) |
| &nbsp;&nbsp;Banyan Partners Fund III, L.P. | &nbsp;&nbsp;158223822 | &nbsp;&nbsp;158223822 | &nbsp;&nbsp;158223822 | &nbsp;&nbsp;158223822 | &nbsp;&nbsp;8.2% | &nbsp;&nbsp;5.9% | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;Banyan Partners Fund III-A, L.P. | &nbsp;&nbsp;27272003 | &nbsp;&nbsp;27272003 | &nbsp;&nbsp;27272003 | &nbsp;&nbsp;27272003 | &nbsp;&nbsp;1.4% | &nbsp;&nbsp;1.0% | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;Banyan Partners III Ltd. (2) | &nbsp;&nbsp;0 | &nbsp;&nbsp;185495825 | &nbsp;&nbsp;185495825 | &nbsp;&nbsp;185495825 | &nbsp;&nbsp;9.6% | &nbsp;&nbsp;6.9% | &nbsp;&nbsp;1.1% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents the number of shares beneficially owned by the Reporting Persons as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Banyan Partners III Ltd. is the general partner of Banyan Partners Fund III, L.P. and Banyan Partners
Fund III-A, L.P., and as such, may exercise voting and dispositive power over the shares held by Banyan Partners Fund III, L.P. and Banyan
Partners Fund III-A, L.P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Reporting Persons in the aggregate beneficially own 9.6% of the outstanding Class A ordinary shares,
6.9% of the total outstanding ordinary shares and 1.1% of the aggregate voting power. 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. Each of the Reporting Persons may be deemed
to beneficially own the percentage of Class A ordinary shares listed above which is calculated based on 1,938,303,919 outstanding Class
A ordinary shares as reported in the Issuer's 20-F Filing. Each of the Reporting Persons may be deemed to beneficially own the percentage
of the total ordinary shares listed above which is calculated based on 1,938,303,919 outstanding Class A ordinary shares and 758,869,844
outstanding 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 20 votes. Accordingly, and based on the foregoing, each of the Reporting Persons may
be deemed to beneficially own the percentage of the aggregate voting power of the total issued and outstanding ordinary shares of the
Issuer listed above. Each ordinary share (Class A ordinary share or Class B ordinary share) has a par value of US$0.00001.

---

| | |
|:---|:---|
| **Item 5.** | **Ownership of Five Percent or Less of a Class** |
| If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following □. | If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following □. |
| **Item 6.** | **Ownership of More than Five Percent on Behalf of Another Person** |
| Not applicable. | Not applicable. |
| **Item 7.** | **Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person** |
| Not applicable. | Not applicable. |
| **Item 8.** | **Identification and Classification of Members of the Group** |
| Not applicable. | Not applicable. |
| **Item 9.** | **Notice of Dissolution of Group** |
| Not applicable. | Not applicable. |
| **Item 10.** | **Certification** |
| Not applicable. | Not applicable. |

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**Exhibits:**

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| | |
|:---|:---|
| 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). |

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**SIGNATURES**

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 13, 2023

**Banyan Partners Fund III, L.P.** 

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| | |
|:---|:---|
| By: | Banyan Partners III Ltd. |
| By: | /s/ Peter Wong |
| Name: | Peter Wong |
| Title: | Authorized Signatory |

---

**Banyan Partners Fund III-A, L.P.**

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| | |
|:---|:---|
| By: | Banyan Partners III Ltd. |
| By: | /s/ Peter Wong |
| Name: | Peter Wong |
| Title: | Authorized Signatory |

---

**Banyan Partners III Ltd.**

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| | |
|:---|:---|
| By: | /s/ Peter Wong |
| Name: | Peter Wong |
| Title: | Authorized Signatory |

---