“做公益”水滴在美国上市！ 创始人只有33岁，腾讯持有22％的股份！ 年收入30亿怎么能赚钱？ _东方财富网

原标题：“做公益”水滴在美国IPO！ 创始人只有33岁，腾讯持有22％的股份！ 年收入30亿怎么能赚钱？

概括

[DoingPublicWelfare”WaterDropGoestotheUSforIPO!Thefounderisonly33yearsoldandTencentholds22%oftheshares!Howcananannualincomeof3billionmakemoney?】WaterdropsubmitsprospectusforIPOintheUnitedStates!AfewmonthsafterthenewsofthelistingWATERDROPformallysubmittedanIPOprospectustotheUSSecuritiesRegulatoryCommissiononApril16ItplanstobelistedontheNewYorkStockExchangeunderthestockcode”WDH”(BrokerChina)

Water drop submits prospectus for IPO in the United States!

A few months after the news of the listing, WATERDROP formally submitted an IPO prospectus to the US Securities Regulatory Commission on April 16. It plans to be listed on the New York Stock Exchange under the stock code “WDH”.Goldman Sachs、Morgan Stanley, Bank of America Securities is the underwriter.

Although it has only been established for 5 years, the company has already gained considerable popularity. It has accumulated 340 million users on the major illness crowdfunding platform of Dizhuo.It also extends toInsuranceField, water dropsInsuranceMall as aInsuranceIntermediary platforms, relying on their traffic advantages, the scale of agency insurance is also growing rapidly, and brokerage income from insurance sales has become the main source of Waterdrop’s 3 billion revenue. Just before the listing, Waterdrop announced the termination of Waterdrop’s mutual assistance.

Waterdrop is positioned as an insurance and health service platform and aims to use technical means to help low-income people establish a health protection system. It has attracted investment from many institutions in previous rounds of financing.The main disclosures in the prospectusshareholderAmong them, Tencent holds 22.1%, Boyu Capital, Gaorong Capital, Swiss Re, and core management such as Shen Peng, Yang Guang, and Hu Yao hold 26.4%.

　　Insurance intermediary business contributes nearly 90% of revenue

The prospectus shows that Waterdrop has achieved rapid growth in revenue in the past three years. Revenue in 2020 was 3.028 billion yuan, 1.511 billion yuan in 2019, and only 238 million yuan in 2018.

Among the revenue sources, insurance brokerage income contributed the vast majority. In 2020, insurance brokerage revenue will reach 2.695 billion yuan, contributing 89.1% of revenue. Other income also includes management fee income, technical service income, etc. In 2020, the income of the two is 110 million yuan and 194 million yuan, respectively, accounting for 3.6% and 6.4% of revenue respectively. Among them, technical service income mainly comes from the provision of technical services to selected insurance companies.

The prospectus shows that the water drop insurance business has an insurance broker license and an insurance agent license. As of December 31, 2020, it has cooperated with 62 insurance companies to provide 200 types of health and life insurance.Insurance Products, Most of which are customized insurance products of the platform.

As of the end of 2018, 2019, and 2020, the cumulative number of consumers paying for insurance was approximately 1.7 million, 8.8 million, and 19.2 million, respectively. In 2020, the water drop insurance business achieved a first-year premium (FYP) of RMB 14.4 billion.

Among the sources of insurance premiums of 14.4 billion yuan in 2020, the third-party traffic conversion realized premiums of 6.5 billion yuan, accounting for the highest proportion of 44.9%; secondly, the proportion of natural traffic and repeated purchases is increasing, achieving premiums of 5.559 billion yuan, accounting for 38.5%; Crowdfunding business brought insurance premiums of 1.872 billion yuan, accounting for 13.0%.

Water drop also disclosed that in the first quarter of 2021, the insurance business achieved steady business growth. In the first quarter of 2021, FYP generated through the water drop insurance market reached RMB 4.469 billion, an increase of 14.4% over the fourth quarter of 2020 and an increase of 42.7% over the same period in 2020.

In the water drop medical crowdfunding business, as of December 31, 2020, more than 340 million people have donated 37 billion yuan to more than 1.7 million patients through water drop crowd funding. According to statistics from iResearch, Waterdrop ranks first in terms of financing amount in 2020 among all medical crowdfunding platforms in China. Currently, its medical crowdfunding platform does not generate any revenue.

The prospectus shows that as a fast-growing Internet start-up company, Waterdrop’s losses are still increasing year by year: in 2018, 2019, and 2020, the net losses were 209.2 million yuan, 321.5 million yuan, and 663.9 million yuan, respectively.

The bulk of its operating expenses are sales and marketing expenses. In 2020, such expenses are 2.13 billion yuan, accounting for 70.4% of operating expenses.

Water drop pointed out related risks in the prospectus: We have a history of net losses and negative cash flow from operating activities, and this situation may continue to exist in the future.

　　Just announced the closure of mutual aid business

In addition to the water drop chip and the water drop insurance, there was also a major business of water drop mutual aid, which started operations in May 2016, but on March 26 this year, it was announced that the water drop mutual aid will be at 18:00 on March 31, 2021. Formally terminated.

“In view of the continuous expansion of our business and prospects, the increasing recognition of our brand, and the latest market developments, we have decided to focus on our core business and provide better protection for our users.” Water drop in the prospectus When talking about shutting down the mutual aid business, Zhong said that the water drop mutual aid service has historically been a scene that educates and familiarizes millions of users with the importance of insurance. In March 2021, it stopped the operation of the water drop mutual assistance business and proposed to relocate all mutual assistance participants to the insured of the water drop insurance market service.

For this change, Waterdrop will voluntarily pay the medical expenses incurred by mutual aid participants due to medical conditions diagnosed before March 31, 2021, according to certain procedural requirements and eligibility criteria. These medical conditions should have been included in the discontinued mutual aid In the plan, in addition, each participant is provided with a one-year supplementary health insurance, the insurance coverage is similar to the participant’s original mutual aid plan.

However, Waterdrop also stated in the risk warning section of the prospectus that it faces reputation, money and legal risks due to the termination of mutual assistance business.

In the business and industry-related risk warnings, the water drop prospectus also mentioned: the management, interpretation and enforcement of the laws and regulations applicable to us are evolving and involve uncertainty; we may not always be able to comply with the rapidly evolving laws and regulations. Any lack of necessary approvals, licenses or permits applicable to the company’s business operations may have a material adverse effect on the company’s business and operating results.

　　The core management holds 26.4%, and Tencent holds 22.1%

The prospectus shows that Waterdrop’s operation began in 2016. As of the end of 2018, 2019, and 2020, the number of full-time employees for Waterdrop was 1,287, 5,010, and 4,291, respectively. The decrease in the number of employees in 2020 is mainly due to the outsourcing of certain sales and marketing functions to third parties.

　　In terms of shareholder structure, before this IPO, Waterdrop’s total share capital was 3.641 billion shares. Among them, the founder, chairman of the board and CEO Shen Peng, co-founder and director Yang Guang, co-founder and director Hu Yao and other core management Tier holds a 26.4% stake. The three founders are very young, only 33 years old, 35 years old, and 34 years old.

At the same time, a number of well-known institutions that invested in Waterdrop in the early stage have also become major shareholders: Tencent holds 22.1%, Boyu Capital holds 11.9%, Gaorong Capital holds 6.5%, and Swiss Re holds 5.7%. Among them, Tencent has invested in water droplets since the angel round, led the round A and B rounds of financing, and continued to support the C and D rounds of financing.

The prospectus also disclosed the directors and management of Water Drop Company.Combined with public information, Yu Haiyang, managing director of Tencent Investment, Huang Kai, executive director of Boyu Capital, and Swiss Re Asia direct investment andM&ANina Zhou, the head of the business department, has served as the director of Waterdrop.

At the same time, Waterdrop hired 2 independent directors, namely Feng Heping and Wei Chenyang.Feng Heping is a senior accountant and a certified public accountant in China. He once worked in China Financial Accounting Firm, An Xinda Certified Public Accountants, and PricewaterhouseCoopers.Morgan StanleyVice Chairman of China Region. Wei Chenyang is the deputy dean of the Institute of Financial Technology of Tsinghua University and the director of the China Insurance and Pension Research Center of the National Institute of Finance of Tsinghua University.

In 2019, Waterdrop passed the 2018 Stock Incentive Plan, which allows three types of awards to be granted: options, restricted stocks and restricted stock units.

Before this IPO, there was no market quotation for Waterdrop’s common stock, and it estimated the fair value of the common stock on different dates to determine the value of the share incentive.

As of the end of 2018, 2019, and 2020, its registered stock-based compensation expenses were RMB 47.8 million (of which RMB 25.3 million came from the founder’s commitment to investors regarding share restrictions related to private equity financing), 28 million yuan RMB and RMB 227.8 million (US$34.9 million).

Prior to this, there have been many news that Waterdrop has been listed on the market. It stated in the prospectus that the main purpose of this US stock offering is to create a public market for shares to benefit all shareholders, retain outstanding employees through equity incentives, and obtain additional capital.

Waterdrop plans to use the net income from the issuance to expand its business operations, including: improving and expandingHealthcare servicesAnd insurance business; for research and development; and for general corporate purposes, which may include working capital requirements and potential strategic investments and acquisitions in the medical services and insurance industries.

(Article Source:BrokerageChina)

(Editor in charge: DF380)