IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Thoughts on Amazon –What Does Its Valuation Tells Us?

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Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Yatsen Holding Ltd / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/yatsen-holding-ltd" target="_blank" data-smartkarma-citation="entities:29719:1" rel="noopener">Yatsen Holding (YSG US)</a> is the largest and only domestic company among the top ten beauty companies in China as measured by colour cosmetics retail sales value, according to CIC. Founded in 2016, Yasten has three colour cosmetics and skincare brands: Perfect Diary, Little Ondine and Abby’s Choice. Yasten is backed by Hillhouse (13.8% of outstanding shares, 3.0% of the voting power) and Banyan Partners (9.2% of outstanding shares, 2.0% of the voting interest). Yatsen has filed for an NYSE IPO to raise $100 million. <div class="content-highlight">Yatsen is a play on Gen-Z and millennials which are shaping the fast-growing beauty industry in China. 74% of Yasten customers were Gen-Z and Perfect Diary is the most popular beauty brand among Gen-Z,  according to a CIC Consumer Survey. While Yasten is seemingly another new economy company with a winning proposition, the fundamentals are less than ideal which suggests that caution is warranted.</div>

Yatsen Holding (YSG US) is the largest and only domestic company among the top ten beauty companies in China as measured by colour cosmetics retail sales value, according to CIC. Founded in 2016, Yasten has three colour cosmetics and skincare brands: Perfect Diary, Little Ondine and Abby’s Choice. Yasten is backed by Hillhouse (13.8% of outstanding shares, 3.0% of the voting power) and Banyan Partners (9.2% of outstanding shares, 2.0% of the voting interest). Yatsen has filed for an NYSE IPO to raise $100 million. Yatsen is a play on Gen-Z and millennials which are shaping the fast-growing beauty industry in China. 74% of Yasten customers were Gen-Z and Perfect Diary is the most popular beauty brand among Gen-Z,  according to a CIC Consumer Survey. While Yasten is seemingly another new economy company with a winning proposition, the fundamentals are less than ideal which suggests that caution is warranted.

Yatsen Holding Ltd

Yatsen IPO Initiation: Face the Facts