BEIJING, May 3 (TMTPOST)— Tencent-backed Chinese insurance technology platform Waterdrop plans to sell 30 million American depository shares (ADSs) with the listing price between $10.00 and $12.00, suggesting its valuation would exceed $5 billion, according to its updated regulatory filling. The startup could raise up to more than 410 million, given underwriters’ overallotment option to sell no more than 4.5 million shares. The filling showed some of cornerstone investors have subscribed shares totally worth of $210 million, in which the existing major shareholder Boyu Capital invested $100 million, RRJ Capital and the family trust fund Kevin Sunny established by Meituan Dianping’s co-founder Wang Huiwen input $80 million and $30 million respectively. Waterdrop is set to list on the New York Stock Exchange (NYSE) under the symbol “WDH”, and its ADS will be priced after the US market closes on Thursday. It is the largest independent third-party insurance platform in China in terms of life and health insurance first year premiums, or FYP, distributed in 2020, and the largest medical crowdfunding platform in China in terms of fund raised in 2020, according to iResearch.