Tencent-backed insurance platform Waterdrop targets US$360 million US listing

South China Morning Post2021-05-03

Waterdrop, the online insurance and medical crowdfunding platform backed by Tencent, has started marketing its initial public offering (IPO) of up to US$360 million on the New York Stock Exchange. The...

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Comments

Nebhol
2021-05-04
Nebhol
What is this company about?
Annalz
2021-05-03
Annalz
Tencent deserves to be strong enough
JamesArthur
2021-05-03
JamesArthur
Comment and like please
Leeverp001
2021-05-03
Leeverp001
Yeah
Soris
2021-05-03
Soris
good
1Robo
2021-05-03
1Robo
Good. More insurance options.
- Mando88:
  Good

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Each ADS represents 10 ordinary shares.\nWaterdrop has an option to sell up to 4.5 million more shares if there is strong demand. Joint book-runners on the deal include Goldman Sachs, Morgan Stanley and Bank of America.\nDo you have questions about the biggest topics and trends from around the world? Get the answers withSCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.\nFounded in 2016 by 33-year old Shen Peng, a former executive at China's food-delivery to ticket- booking platform Meituan, Waterdrop representsone of the latest Chinesefirms to list offshore.\nWaterdrop has secured indications of interest from both existing and new investors, which together seek to buy at least US$210 million worth of ADS, or about 63.6 per cent of the global offering. They include affiliates of Chinese private equity firms Boyu Capital and Hopu Investments. 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Apart from an insurance marketplace, it also runs a crowdfunding platform, through which it acquires users and converts them into paying customers. It claims its crowdfunding platform supported some 1.7 million patients who raised about 37 billion yuan from donors as of the end of last year.\nIn China, the health care expenditure gap that is not covered by social or commercial medical insurance was estimated at 4.7 trillion yuan in 2019, underlying significant unmet medical protection demand in China, according to iResearch.\nTotal premiums of the Chinese life and health insurance market will climb to 6.1 trillion yuan by 2024, soaring from 3.3 trillion yuan in 2020. Third-party insurance brokers and agents will likely account for 13 per cent of the market by 2024, up from just 3 per cent in 2020, according to iResearch.\nWaterdrop plans to use the net proceeds from its IPO on expanding its operations as well as on research and development.\nThis article originally appeared in theSouth China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore theSCMP appor visit the SCMP'sFacebookandTwitterpages. Copyright © 2021 South China Morning Post Publishers Ltd. All rights reserved.\nCopyright (c) 2021. South China Morning Post Publishers Ltd. All rights reserved.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":106953780,"gmtCreate":1620085623140,"gmtModify":1704338313302,"author":{"id":"3567411499210880","authorId":"3567411499210880","name":"Nebhol","avatar":"https://static.tigerbbs.com/b0bfc2a45b91e41a283614268857b3a5","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"What is this company about?&nbsp;","listText":"What is this company about?&nbsp;","text":"What is this company about?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/106953780","repostId":1134322235,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":108738872,"gmtCreate":1620053357896,"gmtModify":1704337986203,"author":{"id":"3577089953267281","authorId":"3577089953267281","name":"Annalz","avatar":"https://static.tigerbbs.com/ffd285ab6189bb61da4b48c3e149eedc","vip":1,"crmLevel":3,"crmLevelSwitch":0},"htmlText":"Tencent deserves to be strong enough&nbsp;","listText":"Tencent deserves to be strong enough&nbsp;","text":"Tencent deserves to be strong enough","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/108738872","repostId":1134322235,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":108454789,"gmtCreate":1620050879141,"gmtModify":1704337921044,"author":{"id":"3574122255023758","authorId":"3574122255023758","name":"JamesArthur","avatar":"https://static.tigerbbs.com/0230d592c84aee6b78c6136a020bbb52","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Comment and like please","listText":"Comment and like please","text":"Comment and like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/108454789","repostId":1134322235,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":108493409,"gmtCreate":1620047550001,"gmtModify":1704337828859,"author":{"id":"3581638553992479","authorId":"3581638553992479","name":"Leeverp001","avatar":"https://static.tigerbbs.com/0ca8989b3ded6e2f9c4fbf2bc5df66ed","vip":1,"crmLevel":3,"crmLevelSwitch":0},"htmlText":"Yeah","listText":"Yeah","text":"Yeah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/108493409","repostId":1134322235,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":108578614,"gmtCreate":1620046111438,"gmtModify":1704337803957,"author":{"id":"3581745590028997","authorId":"3581745590028997","name":"Soris","avatar":"https://static.tigerbbs.com/94b9d5134a959d48058b5db1369ef4b5","vip":1,"crmLevel":1,"crmLevelSwitch":0},"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/108578614","repostId":1134322235,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":108579524,"gmtCreate":1620045964968,"gmtModify":1704337800077,"author":{"id":"3581571479581183","authorId":"3581571479581183","name":"1Robo","avatar":"https://static.tigerbbs.com/d6d78c3153b562ef72e04f138b8a4f8a","vip":1,"crmLevel":5,"crmLevelSwitch":0},"htmlText":"Good. More insurance options.","listText":"Good. More insurance options.","text":"Good. More insurance options.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/108579524","repostId":1134322235,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4209375,"gmtCreate":1620046136181,"gmtModify":1680786785268,"authorId":3581061044456313,"author":{"id":3581061044456313,"authorId":3581061044456313,"name":"Mando88","avatar":"https://static.tigerbbs.com/f135e12e9726aa04a56e19e7f1991436","vip":1,"crmLevel":7,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":108579524,"type":1,"supId":0,"prevId":0,"content":"<u>Good</u>","text":"<u>Good</u>","html":"<u>Good</u>"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":37,"commentSize":11,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1134322235"}