Document:

EX-10.5

 Exhibit 10.5 

Second Amended and Restated Equity Pledge Agreement 

This Second Amended and Restated Equity Pledge Agreement (this “Agreement”) is entered into as of October 28, 2020 by and
among the following parties: 
  

	(1)	 Guangzhou Yatsen Global Co., Ltd. (the “Pledgee”), a wholly foreign owned enterprise
incorporated under the laws of the People’s Republic of China (the “PRC” or “China”); 

  

	(2)	 Huizhi Weimei (Guangzhou) Trading Co., Ltd. (the “Company”), a limited liability
company incorporated under the laws of the PRC; 

  

	(3)	 Jinfeng HUANG, a PRC citizen (PRC ID No.: ***); 

 

	(4)	 Huiyue (Guangzhou) Trading Limited Partnership, a limited partnership established under the laws of the
PRC (together with Jinfeng HUANG, the “Pledgers”). 

 (The Pledgee, the Company and the Pledgers above
shall be referred to individually as a “Party” and collectively as the “Parties”.) 
 RECITALS 

 

	(A)	 WHEREAS, the Company increased its registered capital from RMB 1 million to RMB 10 million on July 15,
2020, and the newly increased registered capital RMB 9 million (“Newly Increased Registered Capital”) was subscribed by the Pledgers (“Capital Increase”). As of the date hereof, the Pledgers hold 100%
of the equity interest in the Company, with a total capital contribution amount of RMB 10 million. 

  

	(B)	 WHEREAS, the Pledgee and the Company entered into an Exclusive Business Cooperation Agreement on
July 26, 2019 (the “Exclusive Business Cooperation Agreement”), pursuant to which the Company shall pay service fees to the Pledgee for the corresponding services provided by the Pledgee. 

 

	(C)	 WHEREAS, the Pledgee, the Pledgors and the Company entered into a Second Amended and Restated Exclusive
Call Option Agreement on October 28, 2020 (the “Exclusive Call Option Agreement”), pursuant to which the Pledgers respectively grant to the Pledgee the exclusive right to purchase the equity interest in the Company in accordance
with the terms thereof and the Company grants to the Pledgee the exclusive right to purchase the assets of the Company in accordance with the terms thereof. 

  

	(D)	 WHEREAS, the Pledgee, the Company, Jinfeng HUANG and other parties entered into an Amended and Restated
Equity Pledge Agreement on March 25, 2020 (the “Original Agreement”). The Parties agree to amend and restate the Original Agreement through consultations, and this Agreement shall supersede the Original Agreement and the
matters set forth in the Original Agreement shall be governed by this Agreement, and the Original Agreement shall terminate. 

THEREFORE, the Parties agree as follows: 

AGREEMENT 
  

	1.	 Principal Agreements 

The Parties hereto acknowledge and confirm that the Principal Agreements guaranteed by the Pledge hereunder include the Exclusive Business
Cooperation Agreement, the Exclusive Call Option Agreement and other agreements entered into by the Pledgers, the Company and Pledgee from time to time. 

  
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	2.	 Pledge 

  

	2.1	 The Pledgers agree to unconditionally and irrevocably pledge all of the equity interest they hold in the
Company (the “Pledged Equity Interest”, including the equity interest acquired by the Pledgers in the Company through capital increase, equity transfer or other methods after the execution of this Agreement and any interests or
dividends paid in connection therewith) to the Pledgee, as a guarantee for the performance of their obligations under the Principal Agreements by the Pledgers and the Company (the “Pledge”). 

 

	3.	 Scope of Pledge Guarantee 

 

	3.1	 The scope of pledge guarantee under this Agreement includes all of the obligations of the Pledgers and the
Company under the Principal Agreements, including but not limited to, under the Principal Agreements, the loans and the interests accrued thereon (if applicable), all service fees that the Pledgee is entitled to receive, all debts, obligations and
liabilities (including but not limited to any amounts payable to relevant persons), liquidated damages (if any), damages, expenses incurred in the exercise of the creditor’s rights and the pledgee’s rights (including but not limited to
attorneys’ fees, arbitration fees, appraisal and auction expenses of the Pledged Equity Interest) and any other relevant expenses. For avoidance of doubt, the scope of pledge guarantee shall not be limited to the amount of capital contribution
by the relevant shareholder. 

  

	4.	 Term of Pledge 

 

	4.1	 The Pledge shall remain valid until the earlier of the following: (1) the date on which all the
outstanding guaranteed debts have been fully repaid or have been repaid in other applicable methods; (2) the date on which the Pledgee exercises the pledge right in accordance with the terms and conditions hereof to fully realize its rights to
the guaranteed debts and the Pledged Equity Interest; or (3) the date on which the Pledgers transfer all of their equity interest to the Pledgee or a third party (either a natural or legal person) designated by the Pledgee in accordance with
the Exclusive Call Option Agreement and no longer hold any equity interest in the Company. 

  

	4.2	 During the valid term of the Pledge, in the event that the Pledgers or the Company fails to perform their
respective obligations under the Principal Agreements, the Pledgee is entitled to dispose the Pledged Equity Interest in accordance with the provisions of this Agreement. 

 

	4.3	 The Pledgee is entitled to receive any or all dividends or other distributable benefits arising from the
Pledged Equity Interest, and to determine, in its sole discretion, the distribution or disposal of such dividends or benefits. 

  

	5.	 Registration 

  

	5.1	 The Company shall (1) register the Pledge in its register of shareholders and provide such register of
shareholders to the Pledgee on the date of execution of this Agreement, and (2) submit an application to the market regulatory authority for the registration of the Pledge and obtain relevant supporting documents as soon as possible after the
execution of this Agreement. The Pledgers and the Company shall submit all documents and complete all procedures required by laws and regulations of the PRC and relevant market regulatory authority so as to ensure that the relevant registration
procedures are completed as soon as possible after submitting the application for registration of the Pledge to the market regulatory authority. 

  

	5.2	 Without limitation to any provisions of this Agreement, during the term of the Pledge, the original of the
register of shareholders of the Company shall be kept by the Pledgee or its designees. 

  

	5.3	 With prior consent of the Pledge, the Pledgers may increase their capital contribution to the Company, provided
that any capital contribution made by the Pledgers to the Company shall be subject to the provisions of this Agreement, and the newly-increased capital contribution shall also be deemed as the Pledged Equity Interest. The Company shall promptly
change its register of shareholders in accordance with this Article 5 and complete the change of registration of the Pledge with the market regulatory authority within five (5) working days. 

  
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	6.	 Representations and Warranties of Pledgers 

 

	6.1	 The Pledgers are the sole legitimate beneficial owners of the Pledged Equity Interest. 

 

	6.2	 Except for the Pledge hereunder and the Equity Call Option provided in the Exclusive Call Option Agreement, the
Pledgers have not created any security interests or other encumbrances on the Pledged Equity Interest. 

  

	6.3	 The Company is a limited liability company duly incorporated and validly existing under the laws of the PRC and
is duly registered with the competent market regulatory authority. 

  

	7.	 Further Undertakings and Warranties of Pledgers 

 

	7.1	 The Pledgers hereby undertake to the Pledgee that during the term of this Agreement, the Pledgers:

  

	 	7.1.1	 without prior written consent of the Pledgee, shall not transfer, create or permit the creation of any security
interests or other encumbrances on, or otherwise dispose of in any other way, the Pledged Equity Interest, except for the performance of the Exclusive Call Option Agreement; 

 

	 	7.1.2	 shall comply with the provisions of all relevant laws and regulations applicable to the Pledge, and within five
(5) working days upon receipt of any notice, order or suggestion issued or drafted by relevant regulatory authority in respect of the Pledge, deliver such notice, order or suggestion to the Pledgee and comply with the foregoing notice, order or
suggestion or, upon the Pledgee’s reasonable request or consent, to claim rights or make a complaint with respect to the foregoing matters; 

  

	 	7.1.3	 shall immediately notify the Pledgee of any relevant event or notice which may affect the Pledgee’s rights
in respect of the Pledged Equity Interest or the Pledgers’ other obligations under this Agreement. 

  

	7.2	 The Pledgers agree that the rights in connection with the Pledge acquired by the Pledgee in accordance with
this Agreement shall not be suspended or prejudiced by the Company, the Pledgers, the Pledgers’ successors or representatives, or any other persons (collectively, the “Relevant Persons”) through any legal proceedings. Each of
the Pledgers hereby undertakes to the Pledgee that it has made all proper arrangements and signed all necessary documents, so that in the event of death, incapacity, bankruptcy, divorce or any other events which may affect the Pledgers’
exercise of the equity interest, their heirs, guardians, creditors, spouses and other persons who may acquire the equity interest or related rights thereof shall not affect or hinder the performance of this Agreement. 

 

	 	7.2.1	 Without the prior written consent of the Pledgee, the Relevant Persons will not supplement, modify or amend the
Company’s articles of association and bylaws in any form, increase or decrease the registered capital of the Company or otherwise change the registered capital structure of the Company; 

 

	 	7.2.2	 Without the prior written consent of the Pledgee, none of the Relevant Persons will, after the execution of
this Agreement, sell, transfer, mortgage or dispose of, in any manner, any assets or legal or beneficial interests in the business or incomes of the Company or any of its subsidiaries, or permit the creation of any security interests thereon;

  

	 	7.2.3	 Without the prior written consent of the Pledgee, the Relevant Persons shall ensure that the Company will not
distribute dividends, divide assets, reduce registered capital, initiate liquidation procedure or distribute the Company’s assets in any other forms to the shareholders. Any distribution (including but not limited to the distributed assets or
the remainder of the property during liquidation) shall be deemed as part of the Pledge; or 

  
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	 	7.2.4	 Without the prior written consent of the Pledgee, none of the Relevant Persons shall take any act which will or
may cause the value of the Pledged Equity Interest to decrease or jeopardize the validity of the Pledge hereunder. If the decrease in the value of the Pledged Equity Interest is sufficient enough to prejudice the rights of the Pledgee, the Relevant
Persons shall immediately notify the Pledgee, provide other properties satisfactory to the Pledge as guarantee upon the Pledgee’s reasonable request, and take necessary actions to resolve the above problems or reduce the adverse effects.

  

	7.3	 To protect or perfect the security interests created by this Agreement for the payment relating to the
Principal Agreements, the Pledgers hereby undertake to execute in good faith and urge other parties related to the Pledge to execute all certificates, agreements, deeds and/or covenants required by the Pledgee. The Pledgers also undertake to take
and to urge other parties related to the Pledge to take such actions required by the Pledgee for purpose of exercising its rights and powers granted by this Agreement, and to enter into all relevant documents in connection with the ownership of the
Pledged Equity Interest with the Pledgee or its designees. The Pledgers undertake to provide the Pledgee with all notices, orders and decisions required by the Pledgee in connection with the Pledge within a reasonable time. 

 

	7.4	 The Pledgers hereby undertake to comply with and perform all warranties, undertakings, agreements,
representations and conditions hereunder. In the event of failure to perform or only partial performance of such warranties, undertakings, agreements, representations and conditions, the Pledgers shall indemnify the Pledgee for all losses caused
thereby. 

  

	8.	 Exercise of Pledge Right 

 

	8.1	 The following events shall constitute events of default (“Default Events”) under this
Agreement (unless remedied or waived, Default Events shall be deemed to be continuing): 

  

	 	8.1.1	 any representation, warranty or statement made by the Pledgers or the Company under this Agreement or any
Principal Agreement is untrue, incomplete or inaccurate in any respect; or there is any breach of or any failure of the Pledgers or the Company to perform any of its obligations under this Agreement or any Principal Agreement, or any failure to
comply with any undertaking under this Agreement or any Principal Agreement; or 

  

	 	8.1.2	 one or more of the obligations of the Pledgers or the Company under this Agreement or any Principal Agreement
be deemed as unlawful or invalid. 

  

	8.2	 Upon the occurrence and continuance of any Default Event, the Pledgee shall be entitled to exercise all of the
rights relating to the Pledged Equity Interest in accordance with the relevant PRC laws (including the provisions of the Security Law of the People’s Republic of China and the Property Law of the People’s Republic of China), including but
not limited to: 

  

	 	8.2.1	 sell part or all of the Pledged Equity Interest in one or more public or private transactions markets and give
written notice to the Pledgers three (3) days prior to the transactions, and such sale may be conducted by way of cash, credit transaction or future delivery; or 

 

	 	8.2.2	 enter into an agreement with the Pledgers to purchase the Pledged Equity Interest based on the monetary value
determined by reference to the market price of the Pledged Equity Interest. 

 The Pledgee is entitled to enjoy priority
in receiving payment provided in the terms of Article 3 of this Agreement from the proceeds of any above disposal of the Pledged Equity Interest. 
  

	8.3	 If requested by the Pledgee, the Pledgers and the Company shall take all lawful and appropriate actions to
ensure the exercise by the Pledgee of its pledge rights. In relation to the foregoing, the Pledgers and the Company shall execute all documents and materials and take all measures and actions as the Pledgee may reasonably request.

  
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	9.	 Assignment 

  

	9.1	 The Company and the Pledgers shall not assign any of their respective rights and obligations under this
Agreement to any third party without the prior written consent of the Pledgee. 

  

	9.2	 The Company and the Pledgers hereby agree that the Pledgee may, in its sole discretion, assign its rights and
obligations hereunder on its own and only prior written notice to the Company and the Pledgers is required. 

  

	10.	 Termination 

This Agreement shall terminate upon the expiration of the term of the Pledge in accordance with Article 4 hereof. 

 

	11.	 Entire Agreement and Amendment 

 

	11.1	 This Agreement and all agreements and/or documents expressly mentioned or contained herein shall constitute the
entire agreement with respect to the subject matter hereof and supersede all prior oral agreements, contracts, understandings and communications among the parties with respect to the subject matter of this Agreement. 

 

	11.2	 Any amendment to this Agreement shall be in writing and shall come into effect only after the execution of the
Parties hereto. The amendment agreements or supplementary agreements duly executed by the Parties shall constitute an integral part of this Agreement and shall have the same legal effect as this Agreement. 

 

	12.	 Governing Law and Dispute Resolution 

 

	12.1	 This Agreement shall be governed by and construed in accordance with the PRC laws. 

 

	12.2	 Any dispute arising from or in connection with this Agreement shall be submitted to China International
Economic and Trade Arbitration Commission for arbitration, and the arbitration shall be conducted in accordance with the commission’s arbitration rules in effect at the time of applying for arbitration. The arbitral award shall be final and
binding upon the Parties. The place of arbitration shall be Beijing. 

  

	13.	 Effective Date and Term 

 

	13.1	 This Agreement shall become effective upon due execution by the Parties on the date first written above. All
Parties further agree that regarding the Newly Increased Registered Capital, this Agreement shall be binding upon all parties retrospectively upon the date when the Capital Increase was completed. 

 

	13.2	 This Agreement shall remain valid during the term of the Pledge. 

 

	14.	 Notices 

Notices or other communications given by any Party pursuant to this Agreement shall be written in English or Chinese, and may be delivered by
hand, registered mail, postage-prepaid mail or by a recognized courier service or by facsimile to the address designated by the relevant Parties from time to time for the receipt of notices. The date on which a notice shall be deemed to have
actually arrived shall be determined as follows: (a) if delivered by hand, on the date when the notice is delivered; (b) if delivered by mail, on the tenth (10th) day after the date on which the air registered mail with postage prepaid has
been sent out (as indicated by the postmark thereon), or on the fourth (4th) day after the delivery to the courier service agency; (c) if sent by facsimile, on the time of receipt shown on the confirmation of transmission of the relevant
document; and (d) if sent by email, on the time when the notice has been sent, unless a response of failure to transmit or a report of non-delivery is received. 

  
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	15.	 Severability 

If any term of this Agreement is invalid or unenforceable due to its inconsistency with relevant laws, such term shall be deemed invalid or
unenforceable only to the extent governed by relevant laws, and the validity, legality and enforceability of other terms of this Agreement shall not be affected thereby. 
  

	16.	 Counterparts 

This Agreement shall be executed in six (6) originals, and each Party shall hold one original, and the remaining originals shall be used
for the registration with the competent market regulatory authority. All the originals shall have the same legal effect. This Agreement may be executed in one or more counterparts. 

 

	17.	 Miscellaneous 

If the SEC (U.S. Securities and Exchange Commission) or any other regulatory authority proposes any amendment to this Agreement, or there is
any change in the listing rules or related requirements of the SEC in connection with this Agreement, the Parties shall amend this Agreement accordingly. 

[SIGNATURE PAGE FOLLOWS] 

  
 6 

 IN WITNESS WHEREOF, the Parties have duly executed this Agreement as of the date first above written. 

 

			
	Guangzhou Yatsen Global Co., Ltd.
	(Seal)	 	
		
	By:	 	 /s/ Jinfeng HUANG

	Name: Jinfeng HUANG
	Title: Legal Representative
	
	Huizhi Weimei (Guangzhou) Trading Co., Ltd.
	(Seal)	 	
		
	By:	 	 /s/ Jinfeng HUANG

	Name: Jinfeng HUANG
	Title: Legal Representative
	
	Jinfeng HUANG
		
	By:	 	 /s/ Jinfeng HUANG

	
	Huiyue (Guangzhou) Trading Limited Partnership
	(Seal)
		
	By:	 	 /s/ Jinfeng HUANG

	Name: Jinfeng HUANG
	Title: Authorized Signatory

 Signature Page to Second Amended and Restated Equity Pledge Agreement 

 Register of Shareholders of Huizhi Weimei (Guangzhou) Trading Co., Ltd. 

(Prepared on October 28, 2020, with the registered capital of RMB 10 million and the paid-in
capital of RMB ____) 
  

													
	 Item
	  	 Name of

Shareholder
	  	 ID No./Unified Social
Credit Code
	  	 Address
	  	 Amount of Capital
Contribution

(Equity Ratio)
	  	 Method of
Capital
Contribution
	  	 Information of Pledge

	001	  	Jinfeng HUANG	  	***	  	 *** 
	  	RMB 7,500,000 (75%)	  	Cash	  	Capital contribution in the amount of RMB 7,500,000 has been pledged to Guangzhou Yatsen Global Co., Ltd.
							
	002	  	 Huiyue

(Guangzhou)
 Trading Limited
Partnership
	  	***	  	***	  	RMB 2,500,000 (25%)	  	Cash	  	Capital contribution in the amount of RMB 2,500,000 has been pledged to Guangzhou Yatsen Global Co., Ltd.;

 [SIGNATURE PAGE FOLLOWS] 

 [Signature Page to Register of Shareholders of Huizhi Weimei (Guangzhou) Trading Co., Ltd.]

  

			
	Huizhi Weimei (Guangzhou) Trading Co., Ltd.
	(Seal)
		
	By :	 	 /s/ Jinfeng HUANG

	Name :	 	Jinfeng HUANG
	Title :	 	Legal RepresentativeEX-10.6

 Exhibit 10.6 

Exclusive Business Cooperation Agreement 

This Exclusive Business Cooperation Agreement (this “Agreement”) is entered into on July 26, 2019 by and between the
following parties: 
  

	(1)	 Guangzhou Yatsen Global Co., Ltd. (“Party A”), a wholly foreign owned enterprise
established and existing under the laws of the People’s Republic of China (the “PRC” or “China”); and 

  

	(2)	 Huizhi Weimei (Guangzhou) Trading Co., Ltd. (“Party B”), a limited liability company
established and existing under the laws of the PRC. 

 (Party A and Party B shall be referred to individually as a
“Party” and collectively as the “Parties”.) 
 After friendly consultations based on the principles of
equality and mutual benefit, the parties hereby agree as follows: 
  

	1.	 Provision of Services 

 

	1.1	 Party B hereby irrevocably appoints and designates Party A as its exclusive service provider to provide
technical and business support services as set forth in Appendix 1, in accordance with the terms and conditions set forth herein. 

  

	1.2	 Party A is entitled to designate and appoint any of its affiliates to provide, in its sole discretion, any of
the services set forth herein. 

  

	1.3	 During the term of this Agreement, without Party A’s written consent, Party B shall not directly or
indirectly accept the same or similar services under this Agreement from any third party, and shall not sign similar service agreements with any third party. 

  

	1.4	 To secure Party B’s cash flow needs in its daily operations and/or to offset any losses arising from its
operation, Party A may provide Party B with financial support (only to the extent permitted by the PRC laws), regardless of whether Party B actually incurs any such operating losses or not. Party A may provide financial support to Party B by means
of bank entrusted loan or loans and Party A shall separately enter into such entrusted loan agreement or loan agreement with Party B. 

  

	2.	 Service Fees and Payment 

 

	2.1	 The service fees to be paid by Party B and the payment method thereof shall be determined by Party A at its
sole discretion. The calculation and payment of the service fees are set forth in Appendix 2 hereto. 

  

	2.2	 If, in its sole discretion, Party A determines that the method of calculation of the service fees is no longer
applicable during the term hereof, Party A shall have the right to adjust the service fees at any time by giving ten (10) days’ prior written notice to Party B. 

 

	3.	 Intellectual Property Rights 

 

	3.1	 Any intellectual property developed during the performance of this Agreement (including without limitation to
copyrights, patents and know-how) shall belong to Party A. Unless otherwise expressly provided in this Agreement, Party B shall have no rights in such intellectual property. 

 

	3.2	 If a development is based on intellectual property owned by Party B, Party B shall ensure and warrant that such
intellectual property is free from defects. Otherwise, Party B shall be liable for all damages and losses caused to Party A by the defects of such intellectual property. In case Party A bears any liability to any third party, it is entitled to be
compensated by Party B for all its losses. 

  

	3.3	 Both Parties agree that this article shall survive the termination or invalidity of this Agreement.

  
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	4.	 Representations and Warranties 

 

	4.1	 Party A hereby represents and warrants as follows: 

 

	 	(a)	 It is a wholly foreign owned enterprise duly registered, incorporated and validly existing under the laws of
the PRC; 

  

	 	(b)	 It is within its corporate power and the scope of its business operation to execute and perform this Agreement;

  

	 	(c)	 It has taken all necessary corporate actions and obtained all necessary authorizations and approvals from third
parties and governmental authorities; 

  

	 	(d)	 Its execution and performance of this Agreement will not violate any laws or contracts binding upon or
affecting it; and 

  

	 	(e)	 This Agreement shall constitute a legal, valid and binding obligation of Party A upon its execution, and shall
be enforceable against Party A in accordance with the terms hereof. 

  

	4.2	 Party B hereby represents and warrants as follows: 

 

	 	(a)	 It is a limited liability company duly registered, incorporated and validly existing under the laws of the PRC;

  

	 	(b)	 It is within its corporate power and the scope of its business operation to execute and perform this Agreement;

  

	 	(c)	 It has taken all necessary corporate actions and obtained all necessary authorizations and approvals from third
parties and governmental authorities; 

  

	 	(d)	 Its execution and performance of this Agreement will not violate any laws or contracts binding upon or
affecting it; and 

  

	 	(e)	 This Agreement shall constitute a legal, valid and binding obligation of Party B upon its execution, and shall
be enforceable against Party B in accordance with the terms hereof. 

  

	4.3	 Party B further warrants to Party A as follows: 

 

	 	(a)	 Party B shall pay the full amount of service fees to Party A in a timely manner in accordance with the terms of
this Agreement. 

  

	 	(b)	 During the term of services, Party B shall: 

 

	 	(i)	 maintain the continuing validity of the licenses and qualifications in respect of the business of Party B; and

  

	 	(ii)	 actively cooperate with Party A to render services and accept Party A’s reasonable comments and
suggestions regarding Party B’s business. 

  

	4.4	 Party A shall have the right to audit the accounts of Party B regularly or at any time. During the term of this
Agreement, Party B shall cooperate with Party A and its direct or indirect shareholders in conducting audit, due diligence and other work, provide the auditors and/or other professionals designated by Party A with information and data concerning the
operation, business, customers, finance, employment and other relevant information and data of Party B, and consent to the disclosure of such information and data by Party A or its shareholder as necessary when Party A or its shareholder prepares
for listing. 

  
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	4.5	 Each Party warrants to the other that it will execute all documents and perform all reasonably necessary acts,
including without limitation to issuing all necessary authorization documents to the other Party, to carry out the provisions hereof and achieve the purposes hereof. 

 

	5.	 Confidentiality Provisions 

 

	5.1	 Party B agrees to use its best efforts to take all reasonable measures to keep confidential the data and
information (collectively, the “Confidential Information”) obtained in connection with the performance of this Agreement. Without the written consent of Party A, Party B shall not disclose, provide or transfer such Confidential
Information to any third party. Upon termination or expiration of this Agreement, at Party A’s request, Party B shall return any documents, materials or software containing any of such Confidential Information to Party A or destroy it, delete
all of such Confidential Information from all storage devices, and cease to use them. 

  

	6.	 Effective Dated and Term 

 

	6.1	 This Agreement shall become effective on the date first written above upon duly execution.

  

	6.2	 Unless terminated as provided herein, this Agreement shall be valid for a term of ten (10) years and shall
be automatically renewed for ten (10) years upon its expiration, with no limit on the times of renewals. Notwithstanding the foregoing, Party A shall have the right, at its sole discretion, to terminate this Agreement at any time by giving
thirty (30) days prior written notice to Party B. Party B has no right to terminate this Agreement. 

  

	7.	 Governing Law and Dispute Resolution 

 

	7.1	 This Agreement shall be construed in accordance with and governed by the laws of the PRC.

  

	7.2	 Any dispute arising from or in connection with this Agreement shall be submitted to China International
Economic and Trade Arbitration Commission for arbitration, and shall be conducted in accordance with the commission’s arbitration rules in effect at the time of applying for arbitration. The arbitral award shall be final and binding upon both
parties. The place of arbitration shall be Beijing. 

  

	8.	 Notices 

  

	8.1	 Notices or other communications given by any Party pursuant to this Agreement shall be written in Chinese and
may be delivered by hand or sent by registered mail, postage-prepaid mail or by a recognized courier service or by facsimile to the address designated by the other Party for the receipt of notices from time to time. The date on which a notice shall
be deemed to have been effectively given shall be determined as follows: (a) if delivered by hand, on the date of personal delivery; (b) if given by letter, on the tenth (10th) day after the date on which the air registered mail with
postage prepaid has been sent out (as indicated by the postmark), or on the fourth (4th) day after the delivery to an internationally recognized courier service; (c) if given by facsimile, on the time of receipt indicated on the confirmation of
transmission of the relevant document; and (d) if given by email, on the date when the notice has been sent, unless a response of failure to transmit or a report of non-delivery is received.

  

	9.	 Assignment 

  

	9.1	 Without the prior written consent of Party A, Party B shall not assign any of its rights and obligations under
this Agreement to any third party. 

  

	9.2	 Party B hereby agrees that Party A may assign its rights and obligations under this Agreement. Party A only
needs to notify Party B in writing of such transfer. 

  
 3 

	10.	 Severability. 

If any term of this Agreement is invalid or unenforceable due to its inconsistency with relevant laws, such term shall be deemed invalid or
unenforceable only to the extent governed by relevant laws, and the validity, legality and enforceability of other terms of this Agreement shall not be affected thereby. 
  

	11.	 Modifications or Amendments 

Any modifications or amendments to this Agreement must be made by the Parties in writing. The modifications and amendments duly executed by
each party hereto shall constitute an integral part of this Agreement, and shall have the same legal effect as this Agreement. 
  

	12.	 Counterparts 

This Agreement shall be signed by both parties in two originals, one for Party A and the other for Party B. All the originals shall have the
same legal effect. This Agreement may be executed in one or more counterparts. 
  

	13.	 Miscellaneous 

If the SEC (U.S. Securities and Exchange Commission) or any other regulatory authority proposes any amendment to this Agreement, or there is
any change in the listing rules or related requirements of the SEC in connection with this Agreement, the Parties shall amend this Agreement accordingly. 

[Signature page follows.] 

  
 4 

 IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first above written. 

Guangzhou Yatsen Global Co., Ltd. 
 (Seal) 

Authorized signature: /s/ Jinfeng HUANG 
 Name: Jinfeng
HUANG 
 Title: Legal Representative 
 Huizhi Weimei
(Guangzhou) Trading Co., Ltd. 
 (Seal) 
 Authorized
signature: /s/ Jinfeng HUANG 
 Name: Jinfeng HUANG 

Title: Legal Representative 

  
 Signature Page to
Exclusive Business Cooperation Agreement 

 Appendix 1 

Service Content 
  

	1.	 Service Content 

  

	1.1	 Provide the following technology development and transfer, technical consulting services 

 

	 	(a)	 Technology development for new business; 

 

	 	(b)	 Technical support and maintenance of the existing business; 

 

	 	(c)	 Regular updates on all business content; and 

 

	 	(d)	 Provision and maintenance of hardware and network conditions necessary for the conduct of the business.

  

	1.2	 Provide professional and pre-job training services to employees.

  

	1.3	 Provide public relations services. 

 

	1.4	 Provide market survey, research and consulting services. 

 

	1.5	 Provide medium-term and short-term market development and planning services. 

 

	1.6	 Provide human resource management and internal information management. 

 

	1.7	 Provide network development, upgrades and daily maintenance. 

 

	1.8	 License the software and trademarks. 

 

	1.9	 Other services that Party A may decide to provide from time to time based on the business needs and Party
A’s capabilities. 

 Appendix 2 

Calculation and Payment of Service Fees 
  

	1.	 Calculation and Payment of Service Fees 

 

	1.1	 The service fees hereunder shall be calculated based on Party B’s revenue and its corresponding operating
costs, sales, management and other costs and expenses, and may be charged as follows: 

  

	 	(a)	 at a certain percentage of Party B’s income; 

 

	 	(b)	 fixed royalty fees on particular software; and/or 

 

	 	(c)	 other payment methods determined by Party A, from time to time, according to the nature of the services
provided. 

  

	1.2	 Party A shall issue a written confirmation of service fees to Party B, and the specific amount of service fees
shall be determined by Party A by taking into consideration the following factors: 

  

	 	(a)	 the technical difficulty and complexity of the services provided by Party A; 

 

	 	(b)	 the working hours spent by employees of Party A on the Services; 

 

	 	(c)	 the content and commercial value of the services provided by Party A; 

 

	 	(d)	 the benchmark price of similar services on the market. 

 

	2.	 Party A will provide invoice and calculate the service fees upon fixed intervals. Party B shall pay the service
fees to the bank account designated by Party A within ten (10) working days upon the receipt of the invoice, and send the copy of the payment voucher to Party A by fax or email within ten (10) working days after the payment. Party A shall
issue receipt within ten (10) working days upon receipt of the service fees.

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