Waterdrop Inc. Announces Appointment of New Independent Director

Rhea-AI Summary

Waterdrop (NYSE: WDH) appointed Ms. Qianfei Chang as an independent director, effective July 1, 2026, replacing Mr. Heping Feng.

She will chair the audit committee and join the compensation and nominating committees. Mr. Feng resigned for personal reasons, with no dispute or disagreement with the company reported.

Positive

• Appointment of new independent director effective July 1, 2026
• New audit committee chair with extensive financial, audit, and risk-management experience
• Continuation of independent oversight across audit, compensation, and governance committees

Negative

• Resignation of existing independent director and committee member effective July 1, 2026

News Market Reaction – WDH

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$405.24M Market Cap

0.6x Rel. Volume

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BEIJING, June 23, 2026 /PRNewswire/ -- Waterdrop Inc. (NYSE: WDH) ("Waterdrop" or the "Company"), a leading technology platform dedicated to insurance and healthcare services with a positive social impact, today announced the appointment of Ms. Qianfei Chang as an independent director of the Company's board of directors (the "Board"), the chairman of the audit committee of the Board, a member of the compensation committee of the Board and a member of the nominating and corporate governance committee of the Board, replacing Mr. Heping Feng, effective July 1, 2026.

Mr. Feng has tendered his resignation as an independent director, a member of the audit committee of the Board, a member of the compensation committee of the Board and a member of the nominating and corporate governance committee of the Board due to personal reasons. The resignation of Mr. Feng was not due to any dispute or disagreement with the Company.

Ms. Qianfei Chang has served as General Manager and Finance Principal at Beijing Shuizhong Guanlang Culture and Media Co., Ltd. since August 2025. From July 2015 to July 2025, Ms. Chang served at China Development Bank Capital Co., Ltd., a national-level strategic investment platform and wholly owned subsidiary of China Development Bank. At China Development Bank Capital, Ms. Chang held several senior positions across core risk management functions, including Deputy General Manager of the Audit Department from June 2023 to July 2025, Deputy General Manager of the Investment Management Department from January 2022 to May 2023, and from July 2015 to December 2021, the core member of the Finance Department where her final position was Deputy General Manager. Prior to joining China Development Bank Capital, Ms. Chang served at United Credit Ratings Co., Ltd., a leading domestically regulated credit rating agency in China, from July 2013 to February 2015, where she was primarily responsible for sovereign credit rating analysis, independently conducting comprehensive assessments of macroeconomic conditions, fiscal health, sovereign debt, foreign exchange reserves, geopolitical risks, and financial system stability at the national level. From September 2008 to January 2011, Ms. Chang served at PricewaterhouseCoopers in Beijing, where she participated in annual financial statement audits and specialized internal control audits for multiple listed companies and large central state-owned enterprises.

Ms. Chang is a Certified Public Accountant in China and holds the title of Intermediate Economist.

Ms. Chang obtained her Master of Business Administration degree with a concentration in Finance from the Chinese University of Hong Kong in June 2013. She received her Master's degree in Power Engineering and Engineering Thermophysics from Tsinghua University in July 2008 and her Bachelor's degree in Vehicle Engineering from Tsinghua University in July 2006.

"On behalf of the Board and senior management, we are delighted to welcome Ms. Chang to our Board. Ms. Chang has over 15 years of distinguished experience in financial management, equity investment, and audit oversight at leading state-owned financial institutions and international professional services firms. We believe that her deep expertise in financial accounting, internal controls, risk management, and capital markets will be of tremendous value to the Company as we continue to strengthen our corporate governance and drive long-term growth. We look forward to working with Ms. Chang as we continue to make a positive impact on people's lives," said Mr. Peng Shen, Founder, Chairman, and Chief Executive Officer of Waterdrop, "We would also like to extend our gratitude for Mr. Feng's invaluable contributions and wishes him all the best in his future."

About Waterdrop Inc.

Waterdrop Inc. (NYSE: WDH) is a leading technology platform dedicated to insurance and healthcare services with a positive social impact. Founded in 2016, with the comprehensive coverage of Waterdrop Insurance Marketplace and Waterdrop Medical Crowdfunding, Waterdrop aims to bring insurance and healthcare service to billions through technology. For more information, please visit www.waterdrop-inc.com.

For investor inquiries, please contact

Waterdrop Inc.
IR@shuidi-inc.com

View original content:https://www.prnewswire.com/news-releases/waterdrop-inc-announces-appointment-of-new-independent-director-302807571.html

SOURCE Waterdrop Inc.

FAQ

Who is the new independent director appointed to Waterdrop (NYSE: WDH) in 2026?

Waterdrop appointed Ms. Qianfei Chang as a new independent director effective July 1, 2026. According to Waterdrop, she will also chair the audit committee and serve on the compensation and nominating and corporate governance committees, bringing extensive financial, audit, and risk-management experience.

When does Qianfei Chang officially join the Waterdrop (WDH) board of directors?

Qianfei Chang’s appointment to the Waterdrop board becomes effective on July 1, 2026. According to Waterdrop, she will assume roles as independent director, chairman of the audit committee, and member of both the compensation and nominating and corporate governance committees from that date.

Why did Heping Feng resign from the Waterdrop (NYSE: WDH) board in 2026?

Heping Feng resigned from Waterdrop’s board due to personal reasons, effective July 1, 2026. According to Waterdrop, his resignation as independent director and committee member was not the result of any dispute or disagreement with the company or its board.

What committees will Waterdrop’s new director Qianfei Chang serve on as of July 2026?

As of July 1, 2026, Qianfei Chang will chair Waterdrop’s audit committee and join two others. According to Waterdrop, she becomes a member of the compensation committee and the nominating and corporate governance committee in addition to her independent director role.

What is the professional background of Waterdrop’s new director Qianfei Chang?

Qianfei Chang has over 15 years’ experience in financial management, equity investment, and audit oversight. According to Waterdrop, her roles span China Development Bank Capital, United Credit Ratings, and PwC Beijing, and she is a Chinese Certified Public Accountant with multiple advanced degrees.

How does Waterdrop (WDH) describe the expected impact of appointing Qianfei Chang to its board?

Waterdrop expects Qianfei Chang’s expertise to support corporate governance and long-term growth. According to Waterdrop, her background in financial accounting, internal controls, risk management, and capital markets is viewed as highly valuable as the company pursues its insurance and healthcare services strategy.