This article only represents the author's own views.

The old adage “If a tree falls in the forest but no one hears it, does it make any sound?” seems to summarize the case with the latest financial results from insurance broker Waterdrop Inc. (WDH.US). Despite posting some very impressive growth in a difficult operating environment, the company’s shares barely budged in the next two trading days after the results announcement, rising slightly on Wednesday, only to give back the gains and a little more the next day.

In Waterdrop’s case, another adage, “If you can’t stand the heat, get out of the kitchen,” also seems to apply. The insurance brokerage business that provides the bulk of the company’s revenue is getting increasingly tough, as China rolls out a steady stream of new regulations limiting the profits companies can make from that middleman business.