Zhihu Inc. (ZH) SEC Filings

Zhihu Inc. (ZH) plans a major capital commitment to an AI-focused private equity and venture fund in China. Through a wholly owned PRC subsidiary, Zhihu has agreed to subscribe as a limited partner in Tianjin Lisi Xingshen Equity Investment Partnership with a capital commitment of RMB1.5 billion, payable in cash via capital calls and funded by the Group’s internal resources, subject to shareholder approval at an extraordinary general meeting (EGM). Zhihu expects its interest in the Fund to be no more than 30% after completion. The Fund will adopt a blind pool structure, investing primarily in early-to-mid-stage unlisted AI and related technology enterprises with a nexus to mainland China, with a seven-year term (extendable) and a four-year investment period. Under Hong Kong Listing Rules, the deal is classified as a major transaction, requiring reporting, announcement, circular and shareholder approval. Zhihu also set September 21, 2026 as the record date for ordinary shareholders and ADS holders’ voting instructions eligibility for the EGM.

Zhihu Inc. (ZH) reports an updated governance framework through an amended and restated Charter of the Nomination Committee of the Board of Directors, effective August 26, 2026. The committee’s purpose is to recommend director candidates, advise on Board composition and procedures, and assess director independence.

The Nomination Committee must have two or more directors, with at least one of a different gender and a majority who are independent under New York Stock Exchange and Hong Kong Listing Rules definitions. The chairperson must be an independent non-executive director. The committee meets at least annually, keeps minutes, reports to the Board, conducts an annual self-evaluation, and may engage independent counsel or other advisers at the company’s expense.

Zhihu Inc. (ZH) reported second quarter 2026 revenues of RMB690.1 million, down from RMB716.9 million a year earlier, though management highlighted a 5.9% quarter-over-quarter increase and a narrowing year-over-year decline. Paid content and IP operations grew to RMB425.9 million, while marketing services and other revenues decreased.

Gross profit was RMB393.4 million with gross margin falling to 57.0% from 62.5% as content-related costs increased. Total operating expenses fell 13.0% to RMB469.4 million, narrowing loss from operations to RMB75.9 million and adjusted loss from operations to RMB48.7 million. Net loss was RMB37.4 million versus net income of RMB72.5 million a year earlier, mainly because last year included large unrealized investment gains. Cash, term deposits, restricted cash and short-term investments totaled RMB4,423.8 million. Zhihu has repurchased 41.3 million Class A shares for US$77.9 million to date, including 6.5 million shares in the quarter.

Zhihu Inc. reports that its board of directors will meet on August 26, 2026 to consider and approve the unaudited quarterly results for the three months ended June 30, 2026 and the unaudited interim results for the six months ended June 30, 2026, and their publication.

Management also plans to host an earnings conference call on August 26, 2026 at 7:00 A.M. U.S. Eastern Time (7:00 P.M. Beijing/Hong Kong Time), with participants required to pre-register online to obtain dial-in details and a unique access PIN.

FIL Limited and related entities report a significant holding in Zhihu Inc. They file an amended Schedule 13G stating beneficial ownership of 18,746,764 shares of Zhihu Class A common stock, representing 7.5% of the class as of 06/30/2026.

FIL Limited has sole voting power over 17,256,346 shares and sole dispositive power over 18,746,764 shares. Pandanus Partners, L.P. and Pandanus Associates, Inc., both Delaware entities, report sole dispositive power over the same 18,746,764 shares with no voting power. Fidelity China Special Situations PLC is identified as having rights to dividends or sale proceeds for 13,724,626 shares, equal to 5.5% of Zhihu’s outstanding Class A common stock at 06/30/2026.