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  4. [Form 3] Waterdrop Inc. Initial Statement of Beneficial Ownership

60,000 RSUs granted to Waterdrop (NYSE: WDH) board member

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
3

Rhea-AI Filing Summary

Waterdrop Inc. director Chang Qianfei filed an initial ownership report showing rights to 60,000 Class A ordinary shares through restricted share unit awards. These RSUs were granted on July 1, 2026 and vest in twelve equal monthly installments of 5,000 shares from August 1, 2026 through July 1, 2027.

Positive

  • None.

Negative

  • None.
Insider Chang Qianfei
Role null
Type Security Shares Price Value
holding Class A ordinary shares -- -- --
Holdings After Transaction: Class A ordinary shares — 60,000 shares (Direct, null)
Footnotes (1)
  1. [object Object]
RSUs granted 60,000 Class A ordinary shares Issuable upon vesting of restricted share units
Grant date July 1, 2026 Restricted share unit award date
Monthly vesting amount 5,000 shares per month Each installment from August 1, 2026 to July 1, 2027
Number of installments 12 installments Equal monthly vesting schedule
restricted share unit awards financial
"Represents 60,000 Class A ordinary shares of the Issuer issuable upon the vesting of the underlying restricted share unit awards."
Class A ordinary shares financial
"Represents 60,000 Class A ordinary shares of the Issuer issuable upon the vesting of the underlying restricted share unit awards."
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.
vest in twelve equal monthly installments financial
"These restricted share units shall vest in twelve equal monthly installments of 5,000 Class A ordinary shares on the first day of each month."
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SEC Form 3
FORM 3UNITED 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*
Chang Qianfei
(Last)(First)(Middle)
B,27/F, TOWER 1A, TWIN VICTORIA,
SHING FUNG ROAD, KAI TAK
(Street)
KOWLOONK300000
(City)(State)(Zip)
CHINA
(Country)		2. Date of Event Requiring Statement (Month/Day/Year)
07/01/2026		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)
XDirector10% Owner
Officer (give title below)Other (specify below)
6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)60,000D
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 ExercisableExpiration DateTitleAmount or Number of Shares
Explanation of Responses:
1. Represents 60,000 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 July 1, 2026, representing the contingent right to receive Class A ordinary shares of the Issuer. These restricted share units shall vest in twelve equal monthly installments of 5,000 Class A ordinary shares on the first day of each month, beginning on August 1, 2026 and ending on July 1, 2027.
/s/ Qianfei Chang07/01/2026
** Signature of Reporting PersonDate
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)

Source: View Original Filing on SEC EDGAR

FAQ

What does Waterdrop (WDH) director Chang Qianfei report on this Form 3?

The Form 3 shows Chang Qianfei holds rights to 60,000 Class A ordinary shares via restricted share units. These represent initial reported beneficial ownership tied to an equity award rather than a market purchase or sale.

How many Waterdrop (WDH) shares are covered by Chang Qianfei’s RSUs?

The filing identifies 60,000 Class A ordinary shares issuable upon vesting of restricted share units. This entire amount is linked to a single award granted on July 1, 2026 under Waterdrop’s equity compensation structure.

What is the vesting schedule of Chang Qianfei’s Waterdrop (WDH) RSUs?

The restricted share units vest in twelve equal monthly installments of 5,000 Class A ordinary shares. Vesting begins on August 1, 2026 and continues on the first day of each month, ending on July 1, 2027.

Are the 60,000 Waterdrop (WDH) shares already issued to Chang Qianfei?

No, the 60,000 Class A ordinary shares are issuable upon RSU vesting. The award gives a contingent right to receive shares over time as each monthly tranche of restricted share units vests between August 2026 and July 2027.

Is this Waterdrop (WDH) Form 3 a record of a stock purchase or sale?

The Form 3 does not report a stock purchase or sale. It records initial beneficial ownership arising from a restricted share unit grant, with shares becoming issuable as the RSUs vest under the stated monthly schedule.