![]() Shen said he decided to base the firm’s international operations in Singapore after coming to the city-state in August to talk to the Economic Development Board, Business China and local partners. Regarding the company’s progress in Singapore since entering in 2019, Waterdrop has launched the international version of its crowdfunding platform named DeeDa locally. SEE ALSO: Medical Crowdfunding Platform Waterdrop Responds to Reports of 70% Fees The crowdfunding fee deducted by intermediaries on Waterdrop reached as high as 70%, one previous report showed. However, after the company went public in May 2021, several consecutive quarters of financial reports showed that its crowdfunding platform did not contribute to operating income. Its second-quarter revenue this year was 701.4 million yuan ($98 million), up 8.1% from the previous quarter.īy the end of the second quarter of this year, a total of 412 million donors had provided nearly 53.3 billion yuan to millions of critically ill patients through Waterdrop’s crowdfunding platform. Its business mainly includes crowdfunding, the insurance marketplace, and healthcare, and it hopes to cover enough people through this complementary business model. When necessary, the extension of working hours shall not exceed three hours per day and thirty-six hours per month.įounded in 2015, Waterdrop is dedicated to insurance and healthcare services. Labor law declares that, after negotiation with labor unions and employees, employers can add working time by a maximum of one hour each day based on operational needs. The demanding work culture has been criticized by all sides, and is illegal according to Chinese law. The controversial 996 culture refers to a system in which employees report to work from 9:00 am to 9:00 pm, six days per week, for a total of 72 work hours rendered for their employers. according to a post on the company’s corporate culture blog ByteStyle. Despite the controversy surrounding the 996 work culture, more than half of Chinas younger generation admitted that they would still accept it at the right price. Programmers revealed internet companies that have implemented this working schedule. The sector is known for its infamous 996 work schedule 9am to 9pm, six days a week. Widespread discussion about 996 started in March 2019 when a project called “996ICU” went viral on GitHub. Shen’s comments now reflect this attitude again. This is a watershed moment for Alibaba, infamous for its ruthless '996' schedule. ![]() ![]() Judging from this internal slogan, overtime seems to have become part of the company’s culture. “Join Waterdrop, great company, exciting, 11.7 hours of average work time,” it said. “Do Chinese workers deserve 996?” one web user wrote.Īn internal promotional document of Waterdrop had previously been revealed. The executive’s comments were questioned by netizens as soon as they were posted. I haven’t promoted the 996 work culture in every country outside of China,” said Shen. “Chinese companies should respect the rules and obey the laws in every country. Shen said Waterdrop will cater to and integrate with local professional cultures, even if the pace of development is slightly slower than China’s. By this logic, Shen said, they cannot copy China’s prevailing “996” work culture – a 12 hours per day, six days per week working schedule. Tomorrow we will see more disruptive innovations coming from China for many reasons: Chinese government support and fewer data privacy issues but most of all, entrepreneurial vigor. This is just the start, and that's why China is working so hard.Shen Peng, the founder of Beijing-based insurance tech platform Waterdrop Inc., said at the FutureChina Global Forum in Singapore on October 7 that many Chinese companies see Singapore as the first stop for overseas expansion, and that localization is key for them to gain a regional foothold. Barbie may have a strange propensity for pink, but she can still be an astronaut and a doctor. Over the past decade, China's tech economy has caught up with Silicon Valley in many ways: venture capital, unicorns, IPOs, business models, and innovation in several sectors. And of course, there are no glass ceilings in the Dreamhouse. There are many more featured in Tech Titans of China. These three leaders already inspired a new group of up and comers to follow their lead, to become billionaires: Colin Huang of social commerce upstart Pinduoduo is one who comes to mind. Jack Ma himself is a proponent of the 996 work hours. The pace can be seen in China's on-demand market, where consumers order by mobile, pay by mobile, and get near-instant deliveries.Ĭhina's first generation of Internet entrepreneurs including Robin Li of Baidu, Jack Ma of Alibaba and Pony Ma of Tencent gave China entrepreneurial heroes. The tech economy is growing too fast, the competition is too brutal, and the opportunities are too vast in China to take a laid-back approach. But China's 9-9-6 culture won't disappear.
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