(Bloomberg) -- Chinese cosmetics company Yatsen Holding Ltd. raised $616.9 million in a U.S. initial public offering priced at the top of a marketed range, as authorities continued threatening to force firms from the Asian nation off American exchanges.

The company behind the fast-growing Perfect Diary brand sold 58.75 million American depositary shares for $10.50 each, it said in a statement Thursday.

The IPO comes as U.S. regulators push ahead with a plan that could lead to the delisting of Chinese companies from the country’s stock exchanges if they don’t comply with regulators’ auditing rules. The move is an escalation of an issue that has been unresolved for more than a decade.

Started in 2016, Yatsen’s founders named the company after their alma mater, which commemorates China’s first president Sun Yat-sen, according to its prospectus. The company has launched three cosmetics and skincare brands: Perfect Diary, Little Ondine and Abby’s Choice. The three brands served 23.5 million customers in the nine months ended Sept. 30, the prospectus shows. About 91% of gross sales in that period were generated through online channels such as WeChat and Tmall, the prospectus shows. Yatsen also has a network of more than 200 offline retail stores.

Yatsen swung to a net loss of 1.2 billion yuan ($170.4 million) in the first nine months of 2020 from a net profit of 29.1 million yuan a year earlier. Its revenues increased to 3.27 billion yuan from 1.89 billion yuan over the same period. The coronavirus pandemic affected its business in the earlier part of the year as China went into lockdown, causing store closures and slower-than-expected growth in online sales volume.

A number of investors have indicated an interest to buy as much as $300 million in the IPO, Yatsen said in the prospectus. They include existing shareholders Hillhouse Capital and Tiger Global as well as new investors including a unit of Tencent Holdings Ltd.

Yatsen had marketed $8.50 to $10.50 each, according to the prospectus. One ADS represents 4 ordinary shares. The company plans to use the proceeds from the IPO for business operations, potential strategic investments and acquisitions, development of data analytics technology, product development and offline store network expansion.

Goldman Sachs Group Inc., Morgan Stanley and China International Capital Corp. are leading the transaction. Yatsen’s shares will begin trading Thursday under the symbol YSG.

READ MORE: China Beauty Firm Said to Pick Goldman, Morgan Stanley for IPO

(Updates throughout with confirmation of pricing.)

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