05/07/2021 | News release | Archived content
Davis Polk advised the representatives of the underwriters on Waterdrop's initial public offering of 30,000,000 American depositary shares, for total proceeds of $360 million. Waterdrop has granted the underwriters an option to purchase up to an additional 4,500,000 ADSs. The ADSs are listed on the New York Stock Exchange under the symbol 'WDH.'
Waterdrop is a leading technology platform dedicated to insurance and healthcare service with a positive social impact. It is the largest independent third-party insurance platform in China in terms of life and health insurance gross written premiums distributed in 2020. Through its medical crowdfunding, mutual aid platforms, and insurance marketplace, Waterdrop has built a massive social network of protection and support for people.
The Davis Polk corporate team included partners Li He and James C. Lin and registered foreign lawyer Fei (Grace) Kong. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice. Counsel Marcie A. Goldstein provided FINRA advice. Members of the Davis Polk team are based in the Hong Kong, Beijing, London and New York offices.