Waterdrop Inc Founder and CEO Shen Peng awarded Young Entrepreneur of the Year at the ACES Awards

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Nov 22, 2021, 23:01 ET

BEIJING, Nov. 22, 2021 /PRNewswire/ -- Shen Peng, Founder and CEO of Waterdrop Inc. (NYSE: WDH) ("Waterdrop" or "the Company"), a leading technology platform dedicated to insurance and healthcare service with a positive social impact, has been awarded with the Young Entrepreneur of the Year award at the ACES Awards, for bringing affordable healthcare available to all through Waterdrop's businesses.

Shen Peng's motivation to found a company with strong social responsibility like Waterdrop derives from his personal career journey. As a founding member of Meituan, China's largest service-focused e-commerce platform, Shen joined Meituan in 2010 as No.10 employee and worked all the way to the leader of Meituan's food delivery business nationwide. During the years, Shen also saw some delivery staff have difficulties to afford expensive medical treatments for themselves or their families. Moved by the plight of one deliveryman's mother, who had a brain tumour but unable to afford the urgent surgery cost, Shen launched a company-wide donation campaign which raised RMB60,000 (c.US$9,000) to support the poor family. The experience motivated Shen to help more people beyond his company.

Shen's dream for Waterdrop is to bring quality and affordable insurance and healthcare services to billions of people through technology. He concedes this will not be easy, but the upside is that Waterdrop will be able to provide better medical services and treatments at a lower cost to users. And the company will further make great changes to China's insurance and healthcare industries.

By June 2021, Waterdrop's medical crowdfunding platform had raised RMB43 billion (US$5.7 billion) in donations with the help of over 372 million donors, assisting 2.1 million people with their medical bills. As for the company's Insurance Marketplace platform, it has over 24.9 million paying insurance consumers.

Shanggari Balakrishnan, Chief Executive Officer, MORS Group, said, "The best inspiration for young people is the role model from young people. Shen Peng's noble goal of helping people from medical payment trouble and his drive to succeed, make him the key promoter to the development of insurance and healthcare industries."

The ACES Awards are an internationally acclaimed and important annual event that recognizes inspiring leaders, sustainability advocates, and individual companies for their contributions to the communities they serve and the world at large. Due to the pandemic, this year's ACES Awards were held online, which brought together the best companies and most innovative business leaders from all regions of Asia. The conference summarized the achievements and experiences of Asian enterprises in pioneering innovation and sustainability over the past year and presented awards to winning companies.

About Waterdrop Inc.

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

SOURCE Waterdrop Inc.