Tencent-backed Waterdrop tumbles in NYSE debut

Tencent-backed Waterdrop tumbles in NYSE debut
By Ouyang Shijia |
chinadaily.com.cn |
Updated: 2021-05-08 13:48
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Shen Peng (center), founder and CEO of Waterdrop Inc, cheers along with his colleagues and invited guests during the opening bell ceremony in Beijing, May 7, 2021. [Photo provided to chinadaily.com.cn]
Chinese insurance technology company Waterdrop Inc began its first trading day on Friday by debuting below its offer price, a rocky start as a public company, on Wall Street.
The Tencent-backed enterprise's stock opened at $10.25 on the New York Stock Exchange, below its offer price of $12. Its share tumbled more than 19 percent to close at $9.7 on the New York debut Friday.

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