Waterdrop Inc. announced the appointment of Mr. Wei Ran as a new director to its board of directors (the "Board") and the resignation of Mr. Yao Hu from the Board, effective March 17, 2023. After the change, the Board will consist of nine members, three of whom are independent directors. Mr. Hu's resignation does not involve any disagreement with the Company with regard to its business, finance, accounting or any other affairs.

Concurrently with the Board change, the Company brings in new members to, and refines roles and responsibilities within, the leadership team. Mr. Wei Ran was appointed to serve as the general manager of the insurance technology business while Mr. Guang Yang serves as vice president of finance and general manager of international business of the Company. Mr. Yao Hu will cease to serve as the general manager of the crowdfunding and healthcare business of the Company and will focus on the Company's strategy and investments in the healthcare field.

Meanwhile, Mr. Zetao Zhu was appointed as the general manager of crowdfunding and pharmatech business of the Company. Mr. Wei Ran joined the Company in June 2016 as head of strategy and business analysis and was responsible for establishing the Company's strategy and business analysis system and exploring new business initiatives. Before joining the Company, he worked as senior strategy analyst at Meituan Waimai, the food and grocery delivery business of Meituan, from July 2015 to June 2016, where he was responsible for strategy and business analysis.

Prior to that, he worked at Accenture Consulting, which provides consulting services to various enterprise clients, as a strategic consultant from July 2013 to June 2015, and participated in a number of digitalization projects for large and medium- sized enterprises in the energy and financial industries.