Shares of Tencent-backed insurtech firm Waterdrop slumps in NYSE debut

Shares of Chinese gaming giant Tencent-backed online insurance technology firm Waterdrop Inc tumbled 14.5% in their New York debut on Friday.

American depositary shares of the company opened at $10.25, before recovering to $11.50. The shares were priced at $12 apiece in the IPO, raising $360 million through the stock sale.

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