Online Insurance Broker Waterdrop Makes Splash, Then Crash, in New York IPO

Company raises $360 million after pricing shares at the top of their range, only to see stock tank nearly 20% in trading debut Key points: Waterdrop’s position as a middleman insurance broker should help protect it from regulatory risk in China’s sensitive financial services sector The company’s strong IPO pricing, followed by a sharp selloff in its trading debut, reflect investor indecision about its growth prospects  By Doug Young Middlemen are creatures of little or no respect, often seen as parasites that profit from a gap between businesses and the…

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