Waterdrop shares details of its crowdfunding account

Chinese insurance technology company Waterdrop Inc revealed for the first time the interest generated by its crowdfunding account operating in a third-party bank on Thursday. 

It also announced that the company will donate 1 million yuan ($155,000) of the interest to a "life relay fund" under the Chinese Red Cross Foundation for human organ donation projects.

As at the end of 2019, the interest generated from the capital donation it received had reached more than 10 million yuan since the crowdfunding platform was founded in 2016, the company said, adding it will reveal detailed figures later after further audit.

The company has spent more than 100 million yuan of its own capital to pay for related fees when crowdfunding platform users withdrew money from the third-party bank account, it said. The company has stopped paying for such fees since the end of 2019, which then was paid by the platform users.

The interest generated by the bank account receiving money donation was about 6.29 million yuan from January 2020 to March 31 this year.

Excluding the one million donation to the CRCF, the company plans to donate the rest of the interest to other non-profit organizations or to pay for treatment and rehabilitation of patients with severe disease that seek help. 

Guo Changjiang, the president of the CRCF, thanked the company for the donation, saying the life relay fund is a national project under direction of the Red Cross Society of China, to improve humanitarian aid mechanism for organ donators and receivers and further the organ donation cause in China.