BEIJING, May 7 (TMTPOST)— Tencent-backed Chinese insurance technology platform Waterdrop ended its U.S. debut with fall of 19.17%. Its American depositary shares (ADSs), traded at the New York Stock Exchange (NYSE) under the symbol “WDH”, slumped as much as 20% on Friday’s intraday. With the offering price of $12.00, the top of target range, the startup could raise more than $410 million through its initial public offering (IPO), if underwriters exercise their overallotment option to sell no more than 4.5 million shares. Its valuation was just shy of $4 billion, based on the closing price. Waterdrop 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. As the largest institution shareholder, Tencent holds 20.4% stake in it after the IPO.