Waterdrop (NYSE: WDH) exec Ran Wei reports RSU and option stakes

Rhea-AI Filing Summary

Waterdrop Inc. director and Head of Insurance Business Ran Wei filed an amended Form 3 reporting his equity interests in the company. The filing is holdings-only, with no new buy or sell transactions reported.

The disclosure shows share options over 200,000 Class A ordinary shares, granted on March 25, 2021 with a US$0.08 exercise price, which are fully vested and exercisable. It also records 11,088,000 Class A ordinary shares held by Christmastrees Holdings Limited, where Ran Wei, as sole director, has sole voting and disposal power, and an indirect pecuniary interest in 1,000,000 Class A ordinary shares held by Ark Trust (Hong Kong) Limited. Several restricted share unit awards have resulted in or will result in Class A ordinary shares, including fully vested awards of 1,039,630 shares granted on October 1, 2022 and 2,083,340 shares granted on January 1, 2023, plus additional awards that vest in installments through 2030.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

ran wei

(Last) (First) (Middle)

NO. 203 WANGJING LIZE ZHONGYUAN ZONE 2

CHAOYANG DISTRICT

(Street)

BEIJING F4 100102

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
03/17/2026

3. Issuer Name and Ticker or Trading Symbol
Waterdrop Inc. [ WDH ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Head of Insurance Business

5. If Amendment, Date of Original Filed (Month/Day/Year)
03/16/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Ordinary Shares	11,088,000	I	See footnote(1)
Class A Ordinary Shares	1,000,000	I	See footnote(2)
Class A Ordinary Shares(3)	1,039,630	D
Class A Ordinary Shares(4)	2,083,340	D
Class A Ordinary Shares(5)	56,340	D
Class A Ordinary Shares(6)	500,000	D
Class A Ordinary Shares(7)	1,200,000	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Share Options (Right to Buy)	(8)	(8)	Class A ordinary shares	200,000	(8)	D

Explanation of Responses:

1. Represents 11,088,000 Class A ordinary shares held of record by Christmastrees Holdings Limited, a British Virgin Islands company. Mr. Ran is the sole director of Christmastrees Holdings Limited and has the sole power to vote and dispose of the securities held by such entity.

2. Represents Mr. Ran's indirect pecuniary interest in 1,000,000 Class A ordinary shares held of record by Ark Trust (Hong Kong) Limited, a Hong Kong company. Mr. Wei Ran disclaims beneficial ownership of the shares held by Ark Trust (Hong Kong) Limited except to the extent of any indirect pecuniary interest therein.

3. Represents 1,039,630 Class A ordinary shares of the Issuer issued upon the vesting of the underlying restricted share unit awards. These restricted share units were granted on October 1, 2022. These restricted share units have been fully vested as of the date hereof.

4. Represents 2,083,340 Class A ordinary shares of the Issuer issued upon the vesting of the underlying restricted share unit awards. These restricted share units were granted on January 1, 2023. These restricted share units have been fully vested as of the date hereof.

5. Represents 56,340 Class A ordinary shares of the Issuer issued or issuable upon the vesting of the underlying restricted share unit awards. These restricted share units were granted on June 25, 2023, representing the contingent right to receive Class A ordinary shares of the Issuer. Of such restricted share units, restricted share units for 42,250 Class A ordinary shares have been vested and the remaining will vest on January 1, 2027.

6. Represents 500,000 Class A ordinary shares of the Issuer issued or issuable upon the vesting of the underlying restricted share unit awards. These restricted share units were granted on April 1, 2024, representing the contingent right to receive Class A ordinary shares of the Issuer. Of such restricted share units, restricted share units for 200,000 Class A ordinary shares have been vested and the remaining will vest in installments on March 1, 2027 and March 1, 2028.

7. Represents 1,200,000 Class A ordinary shares of the Issuer issuable upon the vesting of the underlying restricted share unit awards. These restricted share units were granted on February 24, 2026, representing the contingent right to receive Class A ordinary shares of the Issuer. These restricted share units shall vest in installments on February 1, 2027, February 1, 2028, February 1, 2029, and February 1, 2030.

8. These options were granted on March 25, 2021. All options granted have been fully vested and exercisable as of the date hereof. The exercise price for these options is US$0.08 per Class A ordinary share.

	/s/Wei Ran	03/17/2026
	** Signature of Reporting Person	Date
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FAQ

What does Waterdrop (WDH) executive Ran Wei disclose in this Form 3/A?

Ran Wei discloses his equity interests in Waterdrop, including direct and indirect holdings of Class A ordinary shares, fully vested options on 200,000 shares at US$0.08, and multiple restricted share unit awards that are either fully vested or scheduled to vest through 2030.

How many Waterdrop Class A shares are held via Christmastrees Holdings for Ran Wei?

The filing states that 11,088,000 Class A ordinary shares are held of record by Christmastrees Holdings Limited. Ran Wei is the sole director of this British Virgin Islands company and has sole power to vote and dispose of the securities held by this entity.

What is Ran Wei’s interest in Waterdrop shares held by Ark Trust (Hong Kong) Limited?

Ark Trust (Hong Kong) Limited holds 1,000,000 Class A ordinary shares. The filing describes this as Ran Wei’s indirect pecuniary interest and notes that he disclaims beneficial ownership of these shares except to the extent of that indirect pecuniary interest.

Which restricted share unit awards to Ran Wei are already fully vested?

The filing notes 1,039,630 Class A ordinary shares from restricted share units granted on October 1, 2022 and 2,083,340 shares from units granted on January 1, 2023. Both sets of restricted share units have fully vested as of the date of the disclosure.

When will Ran Wei’s newer Waterdrop restricted share units vest?

Restricted share units granted on June 25, 2023 vest partly through January 1, 2027. Units granted on April 1, 2024 vest in installments on March 1, 2027 and March 1, 2028. Units granted on February 24, 2026 vest on February 1 of 2027, 2028, 2029 and 2030.

What share option position does Ran Wei report in Waterdrop Inc.?

Ran Wei reports options originally granted on March 25, 2021 over 200,000 Class A ordinary shares. These options are fully vested and exercisable as of the filing date, with an exercise price of US$0.08 per Class A ordinary share according to the disclosure footnotes.

Does the Ran Wei Form 3/A for Waterdrop show any recent share purchases or sales?

The disclosure is characterized as holdings-only, with transactions labeled as holding entries and transaction codes left blank. The summarized transaction data show no buy or sell transactions, only the reporting of existing direct, indirect, option and restricted share unit positions.