Waterdrop

InsurtechChina

New to Unitard

📉 Public < $1B

Peak $4.7 BillionRecorded estimate

~-89%

from peak

🦄
Became a unicorn
2020
📈
Peak valuation
$4.7 Billion ’21
💔
Became a Unitard
2022
💸
Last valuation estimate
~$517M

Current status

Public (NYSE: WDH)

The rise & fall

5 moments · 2016–2022

The key moments.

2016

Founded by a Meituan alum

Shen Peng builds a medical-crowdfunding platform that becomes a funnel for selling health and life insurance.

Wikipedia

2020

Joins the unicorn club

Tencent-backed funding values the insurance-plus-crowdfunding model above $1B.

Reuters

May 2021

The peak: NYSE debut$4.7B

Prices its IPO at about $3.7B; listing-day market value touches ~$4.7B — the top, almost to the day.

Macrotrends

2021

Regulators end 'Waterdrop Mutual Aid'

China's crackdown on internet finance forces the shutdown of the flagship mutual-aid program; the shares break issue and keep falling.

Reuters

2022

Slips out of the club

Down about 89% from the debut, market value settles around $0.5B — even as the slimmed-down insurance business later returns to profit.

stockanalysis

How it happened

Waterdrop is a Chinese online insurance brokerage and medical-crowdfunding platform, backed by Tencent, that connects users with health and life insurance products. It went public on the NYSE in May 2021 at about a $3.7B valuation, but its shares crashed almost immediately as China's regulatory crackdown on internet finance and mutual-aid platforms forced it to shut its flagship 'Waterdrop Mutual Aid' program.

The stock fell about 89%, leaving its market value around $0.5B — well below $1B — even as the slimmed-down insurance business later returned to profit.

Source: Seeking Alpha / Macrotrends / stockanalysis ($3.7B IPO valuation May 2021, ~$4.73B listing-day market cap; ~$463-522M by 2026, -89%)

Founder

Shen Peng
Founder, Chairman & CEO
No public profile matched

Disclosed investors (16)

Historical funding participation; lists may be incomplete and do not establish current ownership or investor losses.

* Lead in a funding round · Crunchbase ↗ · 2026-10-13 · Methodology · Leaderboard