Waterdrop, one of the leading technology platforms dedicated to insurance and healthcare services with a positive social impact, has announced the appointment of Ning Zhu as a new independent director to its board of directors (the ‘Board’), as well as the resignation of Mr. Peng Shen as a member of the Board’s audit committee, both effective May 2, 2022. Mr. Zhu will also be a member of the Board’s audit committee. Following the adjustment, the Board will have nine members, three of whom will be independent directors, and the audit committee will be made up entirely of independent directors.

Mr. Zhu has been a finance professor and the deputy dean of Shanghai Jiaotong University’s Shanghai Advanced Institute of Finance since July 2010. Prior to that, from 2003 until June 2010, Mr. Zhu was a tenured professor of finance at the University of California (Davis). Mr. Zhu also serves as an independent non-executive director of China Huarong Asset Management and CHINA BOHAI BANK, as well as Molecular Data, Jinke Property Group, and China CITIC Bank International Limited. Mr. Zhu graduated from Peking University in 1997 with a bachelor’s degree in international finance, Cornell University with a master’s degree in management in 1999, and Yale University with a Doctorate in finance in 2003.

Peng Shen, Founder, Chairman, Chief Executive Officer, on behalf of the Board and management, said in a statement that Waterdrop is delighted and honored to welcome Mr. Zhu to the Board. The Company has made great efforts in selecting the best Board members. They believe that Mr. Zhu’s strong academic and professional background, extensive economic and financial knowledge, and deep insights and expertise in the capital market, will bring additional value to the Company by enhancing their risk management practices and further bolstering corporate governance standards over the long run. They look forward to working with him as they continue to make a positive impact on people’s lives through the power of technology.