WDH - Waterdrop Goes Back To The Well Cutting Losses By Lowering Costs

• The Internet insurance brokerage established by Shen Peng, a co-founder of Meituan Inc., reported a net loss of 477 million yuan ($76.6 million) in the third quarter, narrowing 27.3% from the previous quarter.
• Three months later, the company’s insurance customer base had grown by 5.9% from 102 million to 108 million in the third quarter, among whom paying customers increased by 9.2% from 24.9 million to 27.2 million.
• Waterdrop listed in first half of this year when Chinese tech stocks were all the rage, attaining a market valuation close to 30 billion yuan with backing by big names like Tencent, Meituan, and Boyu Capital among its stockholders.

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