TCEHY - China-based Waterdrop's stock falls for third post-U.S. IPO session but Onion Global rebounds

Tencent-backed Chinese insurance platform Waterdrop (WDH) fell for its third straight post-IPO session Tuesday, sinking more than 8% intraday even as other Chinese companies that recently listed in the United States rebounded.WDH sank to as low as $7.81, down 8.1% on the session and 34.9% from its $12-a-share initial public offering price.Although the stock later partly recovered, it still ended the day at $7.92, off 6.8% for the session and 34% from its IPO price. WDH has yet to trade above its IPO price, changing hands no higher than $11.77 since opening for trading last Friday.Waterdrop is a popular platform for Chinese consumers who want to buy life and health insurance, partnering with more than 60 carriers who offer about 200 coverage products.The firm’s pre-IPO backers include Chinese online giant Tencent (TCEHY) and insurance giant Swiss Re (SSREY).WDH reported in an F-1 filing that net operating revenues doubled in 2020

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China-based Waterdrop's stock falls for third post-U.S. IPO session, but Onion Global rebounds