Waterdrop Inc. Announces Pricing of Initial Public Offering

BEIJING,May 7,2021 -- Waterdrop Inc. ("Waterdrop" or the "Company"),a leading technology platform dedicated to insurance and healthcare services with a positive social impact,today announced the pricing of its initial public offering ("IPO") of 30,000,000American depositary shares ("ADSs"),each representing 10Class A ordinary shares of the Company,at a price ofUS$12.0 per ADS. In addition,Waterdrop has granted the underwriters a 30-day option to purchase up to an aggregate of 4,500,000 additional ADSs to cover over-allotment. The total gross proceeds of the offering are expected to be approximatelyUS$360.0 million if the underwriters do not exercise their over-allotment option,and approximately US$414.0 million if the underwriters choose to exercise their over-allotment option in full.

The ADSs are expected to begin trading on theNew York Stock Exchange onMay 7,2021,under the trading symbol "WDH." The offering is expected to close onMay 11,subject to customary closing conditions.

Goldman Sachs (Asia) LLC,Morgan Stanley & Co. LLC and BofA Securities,Inc. are acting as the representatives of the underwriters.

The offering of the securities is being made only by means of a prospectus forming a part of the effective registration statement. When available,copies of the final prospectus related to this offering may be obtained from any of the following sources:

Goldman Sachs (Asia) LLC: 68th Floor,Cheung Kong Center,2 Queen's Road,Central,Hong Kong.

Morgan Stanley & Co. LLC: 1585 Broadway,New York,New York 10036,U.S.A.

BofA Securities,Inc: One Bryant Park,NY 10036,United States.

A registration statement on Form F-1 related to these securities has been filed with,and declared effective by,theUnited States Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities,nor shall there be any sale of these securities in any state or jurisdiction in which such an offer,solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

AboutWaterdrop Inc.

Waterdrop Inc. (NYSE: WDH) is a leading technology platform dedicated to insurance and healthcare services with a positive social impact. Founded in 2016,Waterdrop has built an online insurance marketplace and medical crowdfunding platform and is expanding into providing healthcare and pharmaceutical services. For more information,please visit www.waterdrop-inc.com.

For investor enquiries,please contact:

Xiaojiao CUI

Waterdrop Investor Relations

+86 10 5625-6717

IR@shuidi-inc.com