Waterdrop shares fell 10% debut.
Online insurance technology firm Waterdrop Inc will focus more on user growth than on profit in the short term and aims to become China's version of UnitedHealth Group in a decade, its chief executive told Reuters on Friday.
Waterdrop, which is backed by Chinese gaming giant Tencent, has no plan to revive its once popular mutual aid service, founder and CEO Shen Peng said in an interview.
The loss-making company will focus until 2025 on growing its online insurance business in China, and would like to expand further into healthcare businesses in 10 years' time in the country, Shen said. UnitedHealth is the biggest U.S. health insurer.
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