Waterdrop (WDH) CEO Shen Peng details large Class B share stake

Rhea-AI Filing Summary

Waterdrop Inc. director and CEO Shen Peng filed an initial statement of beneficial ownership, detailing his indirect holdings in the company. The filing shows 4,000 Class A ordinary shares held by First Principles Z Holdings Limited, where Shen is the sole director with sole voting and disposal power. It also lists 801,904,979 Class B ordinary shares held by Neptune Max Holdings Limited, a British Virgin Islands company that Shen controls as sole director and is deemed to beneficially own through a family trust he established.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Shen Peng

Role CEO

Type	Security	Shares	Price	Value
holding	Class A Ordinary Shares	--	--	--
holding	Class B Ordinary Shares	--	--	--

Holdings After Transaction: Class A Ordinary Shares — 4,000 shares (Indirect, See Footnote); Class B Ordinary Shares — 801,904,979 shares (Indirect, See Footnote)

Footnotes (1)

1. Represents 4,000 Class A ordinary shares held of record by First Principles Z Holdings Limited, a British Virgin Islands company. Mr. Shen is the sole director of First Principles Z Holdings Limited and has the sole power to vote and dispose of the securities held by such entity. Represents 801,904,979 Class B ordinary shares held of record by Neptune Max Holdings Limited, a British Virgin Islands company. Mr. Shen serves as the sole director of Neptune Max Holdings Limited and has the sole power to vote and dispose of the securities held by such entity. Mr. Shen is deemed to beneficially own Neptune Max Holdings Limited through a family trust that he set up.

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^*

Shen Peng

(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)
03/16/2026

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

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

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

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

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	4,000	I	See Footnote(1)
Class B Ordinary Shares	801,904,979	I	See Footnote(2)

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

Explanation of Responses:

1. Represents 4,000 Class A ordinary shares held of record by First Principles Z Holdings Limited, a British Virgin Islands company. Mr. Shen is the sole director of First Principles Z Holdings Limited and has the sole power to vote and dispose of the securities held by such entity.

2. Represents 801,904,979 Class B ordinary shares held of record by Neptune Max Holdings Limited, a British Virgin Islands company. Mr. Shen serves as the sole director of Neptune Max Holdings Limited and has the sole power to vote and dispose of the securities held by such entity. Mr. Shen is deemed to beneficially own Neptune Max Holdings Limited through a family trust that he set up.

	/s/ Peng Shen	03/16/2026
	** 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.

FAQ

What does Waterdrop (WDH) CEO Shen Peng’s Form 3 filing show?

The Form 3 shows Shen Peng’s initial beneficial ownership in Waterdrop. It lists indirect holdings of 4,000 Class A shares and 801,904,979 Class B shares through entities he controls with sole voting and disposal power.

How many Waterdrop (WDH) Class A shares are reported for Shen Peng?

The filing reports 4,000 Class A ordinary shares. These are held of record by First Principles Z Holdings Limited, a British Virgin Islands company where Shen Peng is the sole director and controls voting and disposal of the securities.

How many Waterdrop (WDH) Class B shares are attributed to Shen Peng?

The filing lists 801,904,979 Class B ordinary shares. They are held by Neptune Max Holdings Limited, a British Virgin Islands company that Shen Peng solely directs and is deemed to beneficially own through a family trust he set up.

Are Shen Peng’s Waterdrop (WDH) holdings direct or indirect?

All reported holdings are indirect. The 4,000 Class A shares are held via First Principles Z Holdings Limited, and the 801,904,979 Class B shares are held via Neptune Max Holdings Limited, both entities controlled by Shen Peng.

Does Shen Peng have voting control over the reported Waterdrop (WDH) shares?

Yes. For both entities, the filing states Shen Peng is the sole director and has the sole power to vote and dispose of the securities held, indicating effective voting and investment authority over the reported share positions.

Does the Waterdrop (WDH) Form 3 show any recent share purchases or sales by Shen Peng?

No transactions such as purchases or sales are described. The Form 3 functions as an initial statement of beneficial ownership, listing indirect holdings in Class A and Class B shares through entities associated with Shen Peng.