Take advantage of your pity-To The Moon - Tiger Brokers Online Investing Community - To The Moon

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Godzilla123
2021-05-08

Take advantage of your pity

Water drop company listed, public welfare or business became controversial

5 月 7 日，水滴筹（WDH）正式在美国纽交所挂牌上市，发行价每股 12 美元，计划融资 4 亿美元，上市估值超过 50 亿美元。水滴公司创立于 2016 年，创始人沈鹏曾为美团第 10 号员工。公

Water drop company listed, public welfare or business became controversial

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It plans to raise US $400 million and has a listed valuation of more than US $5 billion.</p><p>Shuidi Company was founded in 2016, and its founder Shen Peng was the No. 10 employee of Meituan. The company's business segments mainly include Shuidi Mutual Aid, Shuidi Chou, Shuidi Bao and Shuidi Good Medicine Pay, covering pre-illness protection, post-illness assistance and drug services.</p><p><b>According to the prospectus, Shuidichou, a well-known serious illness crowdfunding business, did not provide any income for the company, and the insurance brokerage business Shuidibao mainly supported the market value of Shuidichou</b>。 In 2020, Shuidibao has a total of 12.6 million insurance consumers, with a per capita consumption of 1,143.2 yuan, and a first-year premium (FYP) of more than 14.4 billion yuan.<b>Insurance commission income totaled 2.695 billion yuan, accounting for nearly 90% of its total income.</b></p><p>In the prospectus, Shuidi positions itself as a technology platform dedicated to insurance and medical services, and claims to be the largest independent third-party insurance platform in China. Potential competitors include Tencent Weibao and Ant Group.</p><p>After listing, the largest external investment institution of Shuidi Company is Tencent, which holds 20.4% of the shares, followed by Boyu Capital, Gaorong Capital, and Swiss Reinsurance, which hold 11%, 6%, and 5.2% of the shares respectively. Core management such as Shen Peng, founder and CEO of Shuidi Company, Yang Guang and Hu Yao, co-founders, hold 24.4% of the shares and 71.2% of the voting rights.</p><p><b>1. Doing public welfare, but also doing business</b></p><p>According to the prospectus, in 2018, 2019 and 2020, Shuidi's revenue will be 238 million yuan, 1.511 billion yuan and 3.028 billion yuan respectively, with a compound annual growth rate of 256.6%. The adjusted losses during the same period were 140 million yuan, 159 million yuan and 247 million yuan respectively, and the losses narrowed year by year.</p><p><b>The income of 3.028 billion yuan is not consistent with the image of a public welfare fundraising platform with zero handling fees.</b>Although commercial companies need to make profits, the huge contrast between before and after causes a lot of controversy. Shen Peng, the founder, has emphasized this in public many times,<b>\"Many people regard us as a non-profit organization, which is the biggest misunderstanding.\"</b></p><p>In April last year, there was a physical conflict between Shuidichou employees and Easy Chou employees in the First Hospital of Hebei Medical University, which caused controversy about their \"making money under the cloak of public welfare\". Shen Peng responded that Shuidichou set up an offline service team mainly to better serve patients who are not very good at using the Internet.</p><p><b>Although the water drop platform for crowdfunding for seriously ill patients can't bring income itself, it brings a lot of traffic.</b>Analysts at Ping An Securities summarized the realization of Shuidi Company as raising users' insurance awareness through public welfare fundraising, online mutual assistance, scene-based insurance donation, etc., and then earning commissions through insurance intermediary business.</p><p><b>Click on the water drop donation interface in the circle of friends. After completing the donation, you will jump out of the water drop insurance entrance. By purchasing insurance through drainage, Shuidi Company has completed the closed loop of business.</b>In 2018, 85.1% of the FYP generated by Shuidibao came from the traffic contribution of Shuidichou and Shuidihuzhu.</p><p>However, this proportion is decreasing year by year. In 2019 this figure was 35.4%, and in 2020 internal traffic only contributed 16.6% of the FYP. The remaining 44.9% of FYP is contributed by consumers brought in by third-party channels, and 38.5% of FYP is contributed by consumers with organic traffic and repeat purchases.</p><p>Correspondingly, sales and marketing expenses are also constantly increasing. In 2020, a total of 2.13 billion yuan will be used for sales and marketing, a year-on-year increase of 101.7%.</p><p>Separating various businesses is conducive to avoiding regulatory risks. On September 3, 2020, the China Banking and Insurance Regulatory Commission issued the \"Analysis of Illegal Commercial Insurance Activities and Research on Countermeasures and Suggestions\", mentioning that \"some online mutual aid platforms have a large number of members and are unlicensed operations, and the risks of stakeholders cannot be ignored.\" On March 31, Shuidi Company went offline to Shuidi Mutual Aid. Before going offline, the management fee income brought by Shuidi Mutual only accounted for 3.6% of the total revenue.</p><p><b>2. It has become the second largest life and health insurance agent in China</b></p><p>The development of insurance business is closely related to the personal experience of Shen Peng, founder of Shuidi Company.</p><p>Shen Peng was born in the family home of the People's Insurance Company of China, and his father was an employee of the People's Insurance Company of China. He once said, \"Because of my family relationship, I had the opportunity to get in touch with more medical and financial consultation since I was a child, which also made me deeply aware of the lack and deficiency of medical insurance.\"</p><p>According to data from iResearch, China's total expenditure on medical services in 2019 was 7 trillion yuan, with social medical insurance, commercial insurance, medical crowdfunding and other social charities paying 29.4%, 3.4% and 0.2% of the total expenditure respectively. The remaining 67.0% was paid at its own expense, accounting for 4.7 trillion yuan. There is a big gap with the 19% out-of-pocket payment ratio in the United States. Commercial insurance still has strong growth potential.</p><p>The premiums generated by third-party insurance brokers and agencies account for 2.5% of the total life and health insurance premiums in China. In 2020, Shuidi generated an FYP of 14.4 billion yuan, ranking second among the top five third-party insurance brokers and agency companies. Ant Insurance, which ranked first, had an FYP of 25 billion yuan, and Tencent Weibao had an FYP of 620 million yuan, ranking third.</p><p>As of December 31, 2020, Waterdrop has established business partnerships with 62 insurance companies, providing more than 200 health and life insurance products. On May 7, co-founder Yang Guang reiterated in an interview that at this stage, Shuidi Company will continue to focus on the insurance business.</p><p>In the prospectus, Shuidi attributed its advantages to technology, brand and sense of mission<b>。 But this doesn't seem to explain why Shuidi can win the favor of more investors than easy fundraising.</b></p><p>The last round of financing that easily raised stayed in 2017. As soon as it was established in 2016, Shuidi received 50 million yuan of angel investment from companies such as Tencent, Meituan, IDG, ZhenFund, and Lighting Fund. As of December 31, 2020, Shuidi has completed 7 rounds of financing, and Tencent has participated in a total of 6 rounds.</p><p>Tencent Investment once explained the reason why it is optimistic about Shuidi Company, \"First of all, it is because it sees the characteristics of Shen Peng.\" As one of the co-founders of Meituan Waimai, Shen Peng's entrepreneurship also benefited from the aura of Meituan. On May 1, Shuidi Company went public on a roadshow and received cornerstone investment of US $30 million each from Meituan founders Wang Xing and Wang Huiwen.</p>","source":"lsy1596708272136","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Water drop company listed, public welfare or business became controversial</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWater drop company listed, public welfare or business became controversial\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">晚点早知道</strong><span class=\"h-time small\">2021-05-08 12:04</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On May 7, WDH was officially listed on the New York Stock Exchange with an issue price of US $12 per share. It plans to raise US $400 million and has a listed valuation of more than US $5 billion.</p><p>Shuidi Company was founded in 2016, and its founder Shen Peng was the No. 10 employee of Meituan. The company's business segments mainly include Shuidi Mutual Aid, Shuidi Chou, Shuidi Bao and Shuidi Good Medicine Pay, covering pre-illness protection, post-illness assistance and drug services.</p><p><b>According to the prospectus, Shuidichou, a well-known serious illness crowdfunding business, did not provide any income for the company, and the insurance brokerage business Shuidibao mainly supported the market value of Shuidichou</b>。 In 2020, Shuidibao has a total of 12.6 million insurance consumers, with a per capita consumption of 1,143.2 yuan, and a first-year premium (FYP) of more than 14.4 billion yuan.<b>Insurance commission income totaled 2.695 billion yuan, accounting for nearly 90% of its total income.</b></p><p>In the prospectus, Shuidi positions itself as a technology platform dedicated to insurance and medical services, and claims to be the largest independent third-party insurance platform in China. Potential competitors include Tencent Weibao and Ant Group.</p><p>After listing, the largest external investment institution of Shuidi Company is Tencent, which holds 20.4% of the shares, followed by Boyu Capital, Gaorong Capital, and Swiss Reinsurance, which hold 11%, 6%, and 5.2% of the shares respectively. Core management such as Shen Peng, founder and CEO of Shuidi Company, Yang Guang and Hu Yao, co-founders, hold 24.4% of the shares and 71.2% of the voting rights.</p><p><b>1. Doing public welfare, but also doing business</b></p><p>According to the prospectus, in 2018, 2019 and 2020, Shuidi's revenue will be 238 million yuan, 1.511 billion yuan and 3.028 billion yuan respectively, with a compound annual growth rate of 256.6%. The adjusted losses during the same period were 140 million yuan, 159 million yuan and 247 million yuan respectively, and the losses narrowed year by year.</p><p><b>The income of 3.028 billion yuan is not consistent with the image of a public welfare fundraising platform with zero handling fees.</b>Although commercial companies need to make profits, the huge contrast between before and after causes a lot of controversy. Shen Peng, the founder, has emphasized this in public many times,<b>\"Many people regard us as a non-profit organization, which is the biggest misunderstanding.\"</b></p><p>In April last year, there was a physical conflict between Shuidichou employees and Easy Chou employees in the First Hospital of Hebei Medical University, which caused controversy about their \"making money under the cloak of public welfare\". Shen Peng responded that Shuidichou set up an offline service team mainly to better serve patients who are not very good at using the Internet.</p><p><b>Although the water drop platform for crowdfunding for seriously ill patients can't bring income itself, it brings a lot of traffic.</b>Analysts at Ping An Securities summarized the realization of Shuidi Company as raising users' insurance awareness through public welfare fundraising, online mutual assistance, scene-based insurance donation, etc., and then earning commissions through insurance intermediary business.</p><p><b>Click on the water drop donation interface in the circle of friends. After completing the donation, you will jump out of the water drop insurance entrance. By purchasing insurance through drainage, Shuidi Company has completed the closed loop of business.</b>In 2018, 85.1% of the FYP generated by Shuidibao came from the traffic contribution of Shuidichou and Shuidihuzhu.</p><p>However, this proportion is decreasing year by year. In 2019 this figure was 35.4%, and in 2020 internal traffic only contributed 16.6% of the FYP. The remaining 44.9% of FYP is contributed by consumers brought in by third-party channels, and 38.5% of FYP is contributed by consumers with organic traffic and repeat purchases.</p><p>Correspondingly, sales and marketing expenses are also constantly increasing. In 2020, a total of 2.13 billion yuan will be used for sales and marketing, a year-on-year increase of 101.7%.</p><p>Separating various businesses is conducive to avoiding regulatory risks. On September 3, 2020, the China Banking and Insurance Regulatory Commission issued the \"Analysis of Illegal Commercial Insurance Activities and Research on Countermeasures and Suggestions\", mentioning that \"some online mutual aid platforms have a large number of members and are unlicensed operations, and the risks of stakeholders cannot be ignored.\" On March 31, Shuidi Company went offline to Shuidi Mutual Aid. Before going offline, the management fee income brought by Shuidi Mutual only accounted for 3.6% of the total revenue.</p><p><b>2. It has become the second largest life and health insurance agent in China</b></p><p>The development of insurance business is closely related to the personal experience of Shen Peng, founder of Shuidi Company.</p><p>Shen Peng was born in the family home of the People's Insurance Company of China, and his father was an employee of the People's Insurance Company of China. He once said, \"Because of my family relationship, I had the opportunity to get in touch with more medical and financial consultation since I was a child, which also made me deeply aware of the lack and deficiency of medical insurance.\"</p><p>According to data from iResearch, China's total expenditure on medical services in 2019 was 7 trillion yuan, with social medical insurance, commercial insurance, medical crowdfunding and other social charities paying 29.4%, 3.4% and 0.2% of the total expenditure respectively. The remaining 67.0% was paid at its own expense, accounting for 4.7 trillion yuan. There is a big gap with the 19% out-of-pocket payment ratio in the United States. Commercial insurance still has strong growth potential.</p><p>The premiums generated by third-party insurance brokers and agencies account for 2.5% of the total life and health insurance premiums in China. In 2020, Shuidi generated an FYP of 14.4 billion yuan, ranking second among the top five third-party insurance brokers and agency companies. Ant Insurance, which ranked first, had an FYP of 25 billion yuan, and Tencent Weibao had an FYP of 620 million yuan, ranking third.</p><p>As of December 31, 2020, Waterdrop has established business partnerships with 62 insurance companies, providing more than 200 health and life insurance products. On May 7, co-founder Yang Guang reiterated in an interview that at this stage, Shuidi Company will continue to focus on the insurance business.</p><p>In the prospectus, Shuidi attributed its advantages to technology, brand and sense of mission<b>。 But this doesn't seem to explain why Shuidi can win the favor of more investors than easy fundraising.</b></p><p>The last round of financing that easily raised stayed in 2017. As soon as it was established in 2016, Shuidi received 50 million yuan of angel investment from companies such as Tencent, Meituan, IDG, ZhenFund, and Lighting Fund. As of December 31, 2020, Shuidi has completed 7 rounds of financing, and Tencent has participated in a total of 6 rounds.</p><p>Tencent Investment once explained the reason why it is optimistic about Shuidi Company, \"First of all, it is because it sees the characteristics of Shen Peng.\" As one of the co-founders of Meituan Waimai, Shen Peng's entrepreneurship also benefited from the aura of Meituan. On May 1, Shuidi Company went public on a roadshow and received cornerstone investment of US $30 million each from Meituan founders Wang Xing and Wang Huiwen.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/ayORAcTrFmZsOhkS0ChcBg\">晚点早知道</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4ae210c03deeb0dd3cb30de3caaada2a","relate_stocks":{"WDH":"水滴"},"source_url":"https://mp.weixin.qq.com/s/ayORAcTrFmZsOhkS0ChcBg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182628419","content_text":"5 月 7 日，水滴筹（WDH）正式在美国纽交所挂牌上市，发行价每股 12 美元，计划融资 4 亿美元，上市估值超过 50 亿美元。水滴公司创立于 2016 年，创始人沈鹏曾为美团第 10 号员工。公司的业务板块主要有水滴互助、水滴筹、水滴保和水滴好药付，覆盖病前保障、病后救助及药品服务。根据招股书披露，外界熟知的重病众筹业务水滴筹没有为公司提供任何收入，撑起水滴公司市值的主要是保险经纪业务水滴保。2020 年，水滴保共有 1260 万保险消费者，人均消费金额 1143.2 元，实现超过 144 亿元的首年保费 (FYP）。保险佣金共收入 26.95 亿，占其全部收入近 9 成。招股书中，水滴公司将自己定位为致力于保险和医疗服务的技术平台，并自称是中国最大的独立第三方保险平台，潜在竞争对手有腾讯微保和蚂蚁集团。上市后，水滴公司最大外部投资机构是持股 20.4% 的腾讯，之后依次是博裕资本、高榕资本、瑞士再保险，它们分别持有 11%、6% 及 5.2% 的股份。水滴公司创始人兼 CEO 沈鹏、联合创始人杨光与胡尧等核心管理层持有 24.4% 的股份，拥有 71.2% 的投票权。一、做公益，也在做生意招股书显示，2018 年、2019 年及 2020 年，水滴公司的营收分别为 2.38 亿元、15.11 亿元及 30.28 亿元，年复合增长率达 256.6%。同期调整后亏损分别为 1.4 亿元、1.59 亿元及 2.47 亿元，亏损逐年收窄。30.28 亿元的收入与零手续费的公益筹款平台形象并不相符。尽管商业公司需要盈利，但前后巨大反差引发不小争议。对此创始人沈鹏倒是多次在公开场合强调，“很多人把我们当做公益组织，这是一个最大的误解。”去年 4 月份，水滴筹员工和轻松筹员工在河北省医科大学第一医院发生肢体冲突，引发外界对其 “披着公益外衣赚钱” 的争议。沈鹏回应，水滴筹组建线下服务团队主要是为了更好服务不太会使用互联网的患者。尽管为大病患者众筹的水滴筹平台本身不能带来收入，但它却带来了众多流量。平安证券分析师将水滴公司的变现之路概括为，通过公益筹款、网络互助、场景化赠险等方式提升用户保险意识，再以保险中介业务赚取佣金。在朋友圈点开水滴筹捐款界面，完成捐款后，会跳出水滴保入口。通过引流购买保险，水滴公司完成了商业闭环。2018 年，水滴保所产生的 FYP 有 85.1% 来自水滴筹、水滴互助的流量贡献。不过这一比例在逐年下降。2019 年这一数字为 35.4%，到 2020 年，内部流量仅贡献了 16.6% 的 FYP。其余 44.9% 的 FYP 由第三方渠道带来的消费者贡献，38.5% 的 FYP 由自然流量和重复购买的消费者贡献。与此相应，销售和市场费用也在不断提升。2020 年，共有 21.3 亿元用于销售及市场推广，同比增长 101.7%。将各项业务剥离开来有利于规避监管风险。2020 年 9 月 3 日，银保监会发布《非法商业保险活动分析及对策建议研究》，提到 “有的网络互助平台会员数量庞大，属于非持牌经营，涉众风险不容忽视。” 3 月 31 日，水滴公司下线水滴互助。下线前，水滴互助带来的管理费收入仅占总收入的 3.6%。二、已成为中国第二大人寿和健康险代理商发展保险业务与水滴公司创始人沈鹏的个人经历有密切关联。沈鹏出生于中国人民保险公司家属院，父亲是中国人民保险公司的员工。他曾表示，“由于家庭的关系，我从小有机会接触到更多的医疗和金融咨询，也让我深深地认识到医疗保险的缺失和不足。”根据艾瑞咨询公司的数据，2019 年中国医疗服务总支出为 7 万亿元，社会医疗保险、商业保险、医疗众筹和其他社会慈善机构分别负担总支出的 29.4%、3.4% 及 0.2%，其余 67.0% 为自费支付，计为 4.7 万亿。与美国 19% 的自费支付比例，差距较大。商业保险仍有很强的增长潜力。第三方保险经纪和代理公司所产生的保费，占据中国的人寿和健康保险总保费的 2.5%。2020 年水滴公司产生 144 亿元的 FYP，在五大第三方保险经纪和代理公司中排名第二，排名第一的蚂蚁保 FYP 为 250 亿元，腾讯微保 FYP 为 6.2 亿，排名第三。截至 2020 年 12 月 31 日，水滴与 62 家保险公司建立了业务合作关系，提供超过 200 种健康和人寿保险产品。5 月 7 日，联合创始人杨光接受采访时重申，现阶段，水滴公司将继续聚焦保险业务。在招股书中，水滴公司将自己的优势归结为技术、品牌和使命感。但这似乎不能解释为何相较于轻松筹，水滴公司能获得更多投资者的青睐。轻松筹的最后一轮融资停留在了 2017 年，水滴公司 2016 年刚成立就获得了腾讯、美团、IDG、真格基金、点亮基金等公司 5000 万元的天使投资。截止 2020 年 12 月 31 日，水滴公司完成 7 轮融资，腾讯共参与了 6 轮。腾讯投资曾解释其看好水滴公司的原因，“首先是因为看到了沈鹏身上的特质。” 作为美团外卖联合创始人之一，沈鹏创业也受益于美团光环。5 月 1 日，水滴公司上市路演，获得美团创始人王兴、王慧文各 3000 万美元的基石投资。","news_type":1,"symbols_score_info":{"WDH":0.9}},"isVote":1,"tweetType":1,"viewCount":1632,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":23,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}