Tencent-backed Waterdrop surges on Q2 results, buyback

Waterdrop

08/09/2021 13:41

** Tencent-backed  0700.HK  Waterdrop Inc  WDH.N   717y.F 
jumps 12% to $4.19 premarket after Q2 results, share buyback
    ** Online insurance technology firm reports 38% jump in Q2
net operating revenue, while posting loss/shr of 0.24 yuan vs
loss/shr of 0.40 yuan in Q1 and 0.19 yuan in Q2 2020
 urn:newsml:reuters.com:*:nPnbZf8WZa
    ** Says first-year premiums in its Waterdrop Insurance
Marketplace jumped 94.1% to 5.36 bln yuan ($830.03 mln); co
expects the figure to stay in the range of 4.3-4.6 bln yuan in
Q3
    ** Co to buyback shares worth up to $50 mln
    ** Waterdrop also expects to "materially" reduce costs in Q3
    ** As of last close, stock had shed nearly 70% since its May
IPO price of $12 after weak Q1 report and worries over Chinese
regulation  urn:newsml:reuters.com:*:nL1N2MU0Z8  urn:newsml:reuters.com:*:nL3N2OI2QH


($1 = 6.4576 Chinese yuan)

 (Reporting by Sruthi Shankar)
 ((sruthi.shankar@thomsonreuters.com;))