Who Owns Waterdrop Company?

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Who owns Waterdrop?

Understanding a company's ownership is key to grasping its strategy and accountability. An IPO significantly alters this, broadening stakeholder influence.

Waterdrop Inc., a tech platform for insurance and healthcare, went public on May 7, 2021. This event reshaped its ownership landscape.

Who owns Waterdrop Inc.?

The ownership structure of Waterdrop Inc. is multifaceted, reflecting its journey from a startup to a publicly traded entity. Following its Initial Public Offering (IPO) on May 7, 2021, the company's ownership is distributed among various shareholders, including institutional investors, public shareholders, and potentially its founders and early investors. As of its IPO, the company aimed to provide accessible healthcare protection and financial aid solutions in China, operating through platforms like its insurance marketplace and medical crowdfunding service. A detailed Waterdrop PESTEL Analysis can offer further context on the external factors influencing its operations and ownership dynamics.

Waterdrop Inc. was established in 2016 by Peng Shen, Guang Yang, and Yao Hu, with its headquarters situated in Chaoyang, China. Peng Shen currently holds the positions of Chairman of the Board and Chief Executive Officer, guiding the company's strategic direction and daily operations. Guang Yang serves as a co-founder, director, Vice President of Finance, and General Manager of International Business, while Yao Hu is also a co-founder.

Founding Team

Waterdrop Inc. was founded in 2016 by Peng Shen, Guang Yang, and Yao Hu. Peng Shen leads the company as Chairman and CEO.

Early Investment Rounds

The company secured significant early funding through multiple rounds. A total of $525 million was raised before its IPO.

Key Early Investors

Prominent investors like Tencent and BlueRun Ventures were instrumental in early funding. Tencent co-led the Series A and led the Series B rounds.

Series C Funding

The Series C round, totaling RMB1 billion, was spearheaded by Boyu Capital. Tencent, CICC Capital, and Gaorong Capital also participated.

Series D Funding

In November 2020, Waterdrop raised $150 million in its Series D round. This round was co-led by Swiss Re-insurance Company and Tencent.

Angel Investment

Yuri Milner also provided angel investment during the company's early stages. These investments were crucial for initial growth.

Prior to co-founding Waterdrop, Peng Shen gained valuable experience as an early management member of Meituan and a founding team member of Meituan Waimai, focusing on internet R&D and business system management. The company's early growth and strategic direction were significantly shaped by substantial backing from prominent investors, including Tencent, which co-led the Series A round (RMB160 million) alongside BlueRun Ventures, and later led the Series B round (RMB500 million). Other notable early investors who contributed to Waterdrop's foundation include Swiss Re, Boyu Capital, IDG Capital, Sinovation Ventures, Gaorong Capital, Meituan Dianping, and RedAvenue Foundation. Yuri Milner also acted as an angel investor. The Series C round, which raised RMB1 billion, was led by Boyu Capital, with continued participation from Tencent, CICC Capital, and Gaorong Capital. A Series D round in November 2020 secured $150 million, co-led by Swiss Re-insurance Company and Tencent. These early financial commitments were vital in establishing Waterdrop's comprehensive health protection and financial aid platform, reflecting the founders' vision and contributing to the Growth Strategy of Waterdrop.

Founders and Leadership

Waterdrop Inc. was founded in 2016 by Peng Shen, Guang Yang, and Yao Hu. Peng Shen serves as the Chairman and CEO, with Guang Yang holding key financial and international business roles.

• Peng Shen: Chairman and CEO
• Guang Yang: Co-founder, Director, VP of Finance, General Manager of International Business
• Yao Hu: Co-founder

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Waterdrop Inc.'s ownership landscape significantly transformed with its Initial Public Offering (IPO) on May 7, 2021, on the New York Stock Exchange (NYSE) under the ticker WDH. The company offered 30,000,000 American Depositary Shares (ADSs) at US$12.0 per ADS, raising approximately US$360.0 million. This event marked a transition from private to public ownership, distributing shares among various investor types.

Following its IPO, Waterdrop's ownership is now spread across institutional investors, retail investors, and its founders. Tencent Holdings Limited emerged as a significant stakeholder, holding 23% of the company's shares as of March 31, 2025. Institutional investors, as of August 18, 2025, collectively owned 11,693,340 shares, distributed among 22 entities. IDG China Capital Fund III Associates L.P. was the largest among these, with 5,729,041 shares as of March 30, 2025. Other notable institutional investors include Morgan Stanley, Baader Bank INC, E Fund Management Co., Ltd., and Goldman Sachs Group Inc. While institutional ownership represented a smaller percentage, retail investors hold a substantial portion of the company's stock, reflecting the broad distribution of shares in a publicly traded entity. Understanding the Mission, Vision & Core Values of Waterdrop can provide context to its strategic direction and how its ownership structure supports these goals.

Key Stakeholders and Ownership Details

Waterdrop's ownership is a mix of major corporate investors and a broad base of public shareholders. The company's transition to a public entity has diversified its shareholder base.

• Tencent Holdings Limited is a major shareholder with 23% ownership as of March 31, 2025.
• Institutional investors collectively held over 11 million shares as of August 18, 2025.
• IDG China Capital Fund III Associates L.P. is the largest reported institutional shareholder.
• Retail investors constitute a significant portion of the overall ownership.

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Waterdrop Inc.'s governance is structured around its Board of Directors, comprising founders, major shareholder representatives, and independent members. Peng Shen, the founder, holds the dual roles of Chairman and CEO. Other significant figures include co-founder Guang Yang and Wei Ran, who manage international business and insurance technology, respectively. Haiyang Yu, representing a major shareholder, also sits on the board.

The voting power within Waterdrop Inc. is significantly concentrated due to a dual-class share structure. Founder Peng Shen, holding Class B ordinary shares, possesses nine votes per share, contrasting with the one vote per share for Class A shareholders. This arrangement grants Mr. Shen over 50% of the total voting power, designating Waterdrop as a 'controlled company.' This level of control by the CEO and Chairman means that key decisions, including potential acquisitions or management changes, can be heavily influenced or vetoed by Mr. Shen, which may affect the board's independence and minority shareholder protections. Despite this, the company maintains transparency by filing its annual reports on Form 20-F with the U.S. Securities and Exchange Commission (SEC), offering insights into its operations and governance, a crucial aspect for understanding Waterdrop company ownership structure explained.

Understanding Waterdrop's Voting Power

Waterdrop's ownership and control are heavily influenced by its founder, Peng Shen. His significant voting power shapes the company's strategic direction.

• Founder Peng Shen holds Class B shares with 9 votes per share.
• Class A shareholders have 1 vote per share.
• This structure makes Waterdrop a 'controlled company.'
• Mr. Shen's control impacts major corporate decisions.
• Understanding this is key to grasping Waterdrop company ownership and management.

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In recent years, Waterdrop Inc. has actively managed its share structure, notably through significant share repurchases. These actions, alongside consistent profitability and strategic growth initiatives, provide insight into the company's evolving ownership landscape and its commitment to shareholder value.

Waterdrop's strategic direction for 2025 includes an 'All in AI' initiative, aimed at enhancing operational efficiency. This focus on technology, coupled with analyst recommendations such as 'Buy' ratings from Goldman Sachs and UOB Kay Hian, suggests a positive outlook from key financial stakeholders. The company's dual-class share structure and its registration in the Cayman Islands are factors that investors consider regarding corporate governance and potential influence by minority shareholders. Despite these structural elements, the company continues to prioritize growth across its insurance and crowdfunding platforms, while also expanding into digital clinical trial solutions, which aligns with understanding the Target Market of Waterdrop.

Shareholder Value Enhancement

The company has actively repurchased approximately 54.2 million ADSs for US$106 million between 2021 and 2024. This demonstrates a commitment to increasing shareholder value.

Financial Performance and Growth

Waterdrop reported 12 consecutive quarters of profitability ending December 31, 2024. For FY 2024, net revenue was RMB 2.772 billion, with net profit increasing by 119.8% year-on-year.

Strategic Initiatives and Market Confidence

The 'All in AI' strategy for 2025 signals a focus on technological advancement. Leading financial institutions maintain 'Buy' ratings, projecting strong revenue growth.

Corporate Structure Considerations

The dual-class share structure and Cayman Islands registration are noted aspects for investors. These factors can influence minority shareholder influence and board independence.

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