UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

 

 

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No. 1)*

 

 

Waterdrop Inc.

(Name of Issuer)

Ordinary Shares, par value of $0.000005 per share

(Title of Class of Securities)

G94656 108

(CUSIP Number)

December 31, 2022

(Date of Event Which Requires Filing of this Statement)

 

 

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

 

☐

Rule 13d-1(b)

 

☐

Rule 13d-1(c)

 

☒

Rule 13d-1(d)

 

*

The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 

  1    

  Names of Reporting Persons

 

  Peng Shen

  2  

  Check the Appropriate Box if a Member of a Group

 

  (a)  ☐        (b)  ☐

  3  

  SEC Use Only

 

  4  

  Citizenship or Place of Organization

 

  People s Republic of China

Number of

Shares

 Beneficially 

Owned by

Each

Reporting

Person

    5    

  Sole Voting Power

 

  961,740,918 ordinary shares. See Item 4.

   6  

  Shared Voting Power

 

  0

   7  

  Sole Dispositive Power

 

  961,740,918 ordinary shares. See Item 4.

   8  

  Shared Dispositive Power

 

  0

  9    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  961,740,918 ordinary shares. See Item 4.

10  

  Check if the Aggregate Amount in Row (9) Excludes Certain Shares

 

  ☐

11  

  Percent of Class Represented by Amount in Row (9)

 

  24.7%. See Item 4.

12  

  Type of Reporting Person

 

  IN

 

 

2

  1    

  Names of Reporting Persons

 

  Neptune Max Holdings Limited

  2  

  Check the Appropriate Box if a Member of a Group

 

  (a)  ☐        (b)  ☐

  3  

  SEC Use Only

 

  4  

  Citizenship or Place of Organization

 

  British Virgin Islands

Number of

Shares

 Beneficially 

Owned by

Each

Reporting

Person

    5    

  Sole Voting Power

 

  801,904,979 ordinary shares. See Item 4

   6  

  Shared Voting Power

 

  0

   7  

  Sole Dispositive Power

 

  801,904,979 ordinary shares. See Item 4

   8  

  Shared Dispositive Power

 

  0

  9    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  801,904,979 ordinary shares. See Item 4.

10  

  Check if the Aggregate Amount in Row (9) Excludes Certain Shares

 

  ☐

11  

  Percent of Class Represented by Amount in Row (9)

 

  20.6%. See Item 4.

12  

  Type of Reporting Person

 

  CO

 

 

3

  1    

  Names of Reporting Persons

 

  First Principles Z Holdings Limited

  2  

  Check the Appropriate Box if a Member of a Group

 

  (a)  ☐        (b)  ☐

  3  

  SEC Use Only

 

  4  

  Citizenship or Place of Organization

 

  British Virgin Islands

Number of

Shares

 Beneficially 

Owned by

Each

Reporting

Person

    5    

  Sole Voting Power

 

  4,000 ordinary shares. See Item 4.

   6  

  Shared Voting Power

 

  0

   7  

  Sole Dispositive Power

 

  4,000 ordinary shares. See Item 4.

   8  

  Shared Dispositive Power

 

  0

  9    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  4,000 ordinary shares. See Item 4.

10  

  Check if the Aggregate Amount in Row (9) Excludes Certain Shares

  ☐

11  

  Percent of Class Represented by Amount in Row (9)

 

  0.0%. See Item 4.

12  

  Type of Reporting Person

 

  CO

 

 

 

4

Item 1(a).

Name of Issuer:

Waterdrop Inc.

 

Item 1(b).

Address of Issuer’s Principal Executive Offices:

Block C, Wangjing Science and Technology Park

No. 2 Lize Zhonger Road, Chaoyang District, Beijing

People’s Republic of China

 

Item 2(a).

Name of Person Filing:

Peng Shen

Neptune Max Holdings Limited

First Principles Z Holdings Limited

 

Item 2(b).

Address of Principal Business Office, or, if none, Residence:

Peng Shen

Block C, Wangjing Science and Technology Park

No. 2 Lize Zhonger Road, Chaoyang District, Beijing People’s Republic of China

Neptune Max Holdings Limited

Sertus Chambers, P.O. Box 905, Quastisky Building

P.O. Box 2221, Road Town, Tortola

British Virgin Islands

First Principles Z Holdings Limited

Sertus Chambers, P.O. Box 905, Quastisky Building

P.O. Box 2221, Road Town, Tortola

British Virgin Island

 

Item 2(c).

Citizenship:

Peng Shen —People’s Republic of China

Neptune Max Holdings Limited —British Virgin Islands

First Principles Z Holdings Limited — British Virgin Islands

 

Item 2(d).

Title of Class of Securities:

Ordinary shares, par value of $0.000005 per share

The Issuer’s ordinary shares consist of Class A ordinary shares, par value of $0.000005 per share (“Class A Ordinary Shares”) and Class B ordinary shares, par value of $0.000005 per share (“Class B Ordinary Shares”). The rights of the holders of Class A Ordinary Shares and Class B Ordinary Shares are identical, except with respect to conversion rights and voting rights. Each Class B Ordinary Share is convertible at the option of the holder at any time into one Class A Ordinary Share. Each Class B Ordinary Share is entitled to nine votes per share, whereas each Class A Ordinary Share is entitled to one vote per share.

 

Item 2(e).

CUSIP No.:

G94656 108

 

5

Item 3.

If this statement is filed pursuant to §§ 240.13d-1(b), or 240.13d -2(b) or (c), check whether the persons filing is a:

Not applicable

 

Item 4.

Ownership:

The following information with respect to the ownership of the ordinary shares by each of the reporting persons is provided as of December 31, 2022:

 

     Amount
beneficially
owned		     Percent of
class (1)		     Sole power to
vote or direct
the vote		     Shared
power to
vote or to
direct the
vote		      Sole power to
dispose or to
direct the
disposition of		     Shared
power to
dispose or to
direct the
disposition
of		  

Peng Shen

      961,740,918 (2)      24.7 %      961,740,918 (2)      0        961,740,918 (2)      0  

Neptune Max Holdings Limited

      801,904,979 (3)      20.6 %      801,904,979 (3)      0        801,904,979 (3)      0  

First Principles Z Holdings Limited

      4,000 (4)      0.0 %      4,000 (4)      0        4,000 (4)      0  

 

(1)

The percentage of the class of securities beneficially owned by each reporting person is based on 3,897,962,720 outstanding ordinary shares as a single class as of December 31, 2022, being the sum of 3,096,057,741 Class A Ordinary Shares (excluding 110,595,960 Class A Ordinary Shares, comprising of Class A Ordinary Shares issued to the depositary of the Issuer for bulk issuance of American depositary shares (“ADSs”) and reserved for future issuances upon the exercise or vesting of awards granted under share incentive plans, and Class A Ordinary Shares in the form of ADSs held in treasury), and 801,904,979 Class B Ordinary Shares, assuming conversion of all Class B Ordinary Shares into Class A Ordinary Shares.

(2)

Includes (i) 801,904,979 Class B Ordinary Share held of record by Neptune Max Holdings Limited, a British Virgin Islands company. Neptune Max Holdings Limited is 99% owned by a family trust set up by Mr. Shen and 1% owned by Mr. Shen. Mr. Shen acts as the sole director of Neptune Max Holdings Limited, and possesses the sole voting power over the shares held by Neptune Max Holdings Limited; (ii) 86,386,000 Class A Ordinary Shares held of record by Proton Fortune Holdings Limited, a British Virgin Islands company that is 98% owned by a family trust set up by Mr. Guang Yang, 1% owned by Mr. Guang Yang, and 1% owned by Mr. Shen. Mr. Shen owns 100% of the voting power of Proton Fortune Holdings Limited and acts as the sole director of Proton Fortune Holdings Limited; (iii) 73,445,939 Class A Ordinary Shares held of record by Xibo Holdings Limited, a British Virgin Islands company that is 98% owned by a family trust set up by Mr. Yao Hu, 1% owned by Mr. Yao Hu, and 1% owned by Mr. Shen. Mr. Shen owns 100% of the voting power of Xibo Holdings Limited and acts as the sole director of Xibo Holdings Limited; and (iv) 4,000 Class A Ordinary Shares directly held by First Principles Z Holdings Limited, a British Virgin Islands company. Mr. Shen acts as the sole director of First Principles Z Holdings Limited.

The registered address of Neptune Max Holdings Limited, Proton Fortune Holdings Limited, Xibo Holdings Limited, and First Principles Z Holdings Limited is Sertus Chambers, P.O. Box 905, Quastisky Building, Road Town, Tortola, British Virgin Islands.

The voting power of the shares beneficially owned by the reporting person represents 71.5% of the total voting power of all outstanding ordinary shares of the Issuer. The percentage of voting power is calculated based on the aggregate voting power of all Class A Ordinary Shares and Class B Ordinary Shares outstanding as of December 31, 2022.

 

(3)

Includes 801,904,979 Class B Ordinary Shares directly held by Neptune Max Holdings Limited.

The voting power of the shares beneficially owned by the reporting person represents 70.0% of the total voting power of all outstanding ordinary shares of the Issuer. The percentage of voting power is calculated based on the aggregate voting power of all Class A Ordinary Shares and Class B Ordinary Shares outstanding as of December 31, 2022.

 

(4)

See note (2).

 

Item 5.

Ownership of Five Percent or Less of a Class:

Not applicable

 

6

Item 6.

Ownership of More than Five Percent on Behalf of Another Person:

Not applicable

 

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person:

Not applicable

 

Item 8.

Identification and Classification of Members of the Group:

Not applicable

 

Item 9.

Notice of Dissolution of Group:

Not applicable

 

Item 10.

Certifications:

Not applicable

 

7

LIST OF EXHIBITS

Exhibit 99.1 — Joint Filing Agreement (incorporated by reference to Exhibit 99.1 to Schedule 13G filed on February 4, 2022 by the reporting persons with the Securities and Exchange Commission)

 

8

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: February 2, 2023

 

Peng Shen
/s/ Peng Shen
Neptune Max Holdings Limited
By:   /s/ Peng Shen
Name:   Peng Shen
Title:   Director
First Principles Z Holdings Limited
By:   /s/ Peng Shen
Name:   Peng Shen
Title:   Director

 

[Signature Page to Schedule 13G/A]

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