Waterdrop (NYSE: WDH) director Feng Heping discloses share and option stakes

Rhea-AI Filing Summary

Waterdrop Inc. director Feng Heping reported his existing equity interests. He directly holds 299,820 Class A ordinary shares that were issued upon full vesting of restricted share units granted on June 25, 2023. He also holds share options over 150,000 Class A ordinary shares, granted on June 25, 2021 and now fully vested and exercisable at an exercise price of US$0.08 per share.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Feng Heping

Role Director

Type	Security	Shares	Price	Value
holding	Share Options (Right to Buy)	--	--	--
holding	Class A ordinary shares	--	--	--

Holdings After Transaction: Share Options (Right to Buy) — 150,000 shares (Direct); Class A ordinary shares — 299,820 shares (Direct)

Footnotes (1)

1. Represents 299,820 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 June 25, 2023. These restricted share units have been fully vested as of the date hereof. These options were granted on June 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.

Key Figures

Class A shares held: 299,820 shares Underlying shares for options: 150,000 shares Option exercise price: US$0.08 per share

3 metrics

Class A shares held 299,820 shares Issued upon vesting of restricted share units granted June 25, 2023

Underlying shares for options 150,000 shares Share options over Class A ordinary shares, fully vested

Option exercise price US$0.08 per share Exercise price for options granted June 25, 2021

Key Terms

restricted share unit, Class A ordinary shares, Share Options (Right to Buy), exercise price

4 terms

restricted share unit financial

"Represents 299,820 Class A ordinary shares of the Issuer issued upon the vesting of the underlying restricted share unit awards."

A restricted share unit (RSU) is a promise by a company to give an employee a set number of company shares at a future date, typically after meeting time or performance conditions. For investors, RSUs matter because when they convert into actual shares they increase the number of shares outstanding (like unlocking more tickets in a game), which can dilute existing holders, and they align employee incentives with company performance, influencing behavior and long-term value.

Class A ordinary shares financial

"Represents 299,820 Class A ordinary shares of the Issuer issued upon the vesting"

Class A ordinary shares are a type of ownership stake in a company that typically grants voting rights to shareholders, allowing them to have a say in important company decisions. They often come with priority in receiving dividends or profits, making them attractive to investors seeking influence and potential income. These shares help distinguish different levels of ownership and rights within a company's stock structure.

Share Options (Right to Buy) financial

"These options were granted on June 25, 2021. All options granted have been fully vested"

exercise price financial

"The exercise price for these options is US$0.08 per Class A ordinary share."

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

Understanding Insider Trading Forms →

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

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Feng Heping

(Last) (First) (Middle)

1401, 58 E 4TH RING MIDDLE RD, CHAOYANG

(Street)

BEIJING 100000

(City) (State) (Zip)

CHINA

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/30/2026

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

3a. Foreign Trading Symbol

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

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

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

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(1)	299,820	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)	(2)	(2)	Class A ordinary shares	150,000	(2)	D

Explanation of Responses:

1. Represents 299,820 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 June 25, 2023. These restricted share units have been fully vested as of the date hereof.

2. These options were granted on June 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/ Heping Feng	03/30/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What equity holdings does Feng Heping report in Waterdrop (WDH)?

Feng Heping reports direct holdings of 299,820 Class A ordinary shares and share options over 150,000 Class A ordinary shares. The shares came from vested restricted share units, while the options are fully vested and exercisable at US$0.08 per share.

How did Feng Heping acquire the 299,820 Waterdrop (WDH) Class A shares?

The 299,820 Class A ordinary shares were issued upon the vesting of restricted share unit awards. These restricted share units were granted on June 25, 2023 and have fully vested as of the reporting date, converting into ordinary shares for Feng Heping.

What are the key terms of Feng Heping’s Waterdrop (WDH) share options?

Feng Heping’s share options relate to 150,000 underlying Class A ordinary shares. They were granted on June 25, 2021, are fully vested and exercisable, and carry an exercise price of US$0.08 per Class A ordinary share according to the disclosed footnote.

Are Feng Heping’s restricted share units in Waterdrop (WDH) still vesting?

No. The restricted share units referenced have fully vested. They were granted on June 25, 2023, and have already converted into 299,820 Class A ordinary shares, which Feng Heping now holds directly, so there is no remaining unvested portion mentioned here.

Does this Waterdrop (WDH) Form 3 show insider buying or selling by Feng Heping?

This Form 3 reports existing holdings rather than new market transactions. It lists vested restricted share units converted into 299,820 shares and fully vested options over 150,000 shares, without indicating open-market purchases or sales by Feng Heping in this disclosure.