What does each Zhihu (ZH) restricted share unit represent for Cheng Li-Lan?

Each restricted share unit represents a contingent right to receive one Class A Ordinary Share of Zhihu Inc. Delivery of these shares depends on the RSUs vesting according to the specified four-year schedule and Cheng Li-Lan’s continued service on the company’s Board.

Zhihu director reports RSU holdings

Zhihu Inc. director Cheng Li-Lan filed an initial Form 3 reporting holdings of restricted share units linked to 135,468 Class A Ordinary Shares.

Accepted by SEC EDGAR 03/18/2026 - 09:00 AM EDT

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

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Form Type

Rhea-AI Filing Summary

Zhihu Inc. director Cheng Li-Lan filed an initial Form 3 reporting holdings of restricted share units linked to 135,468 Class A Ordinary Shares. These RSUs were granted on May 27, 2025, and vest in four equal 25% installments on each of the first four anniversaries of the grant date, subject to continued Board service.

Insider Trade Summary

Holdings reported, no transactions

Holdings

Insider Cheng Li-Lan

Role Director

Type	Security	Shares	Price	Value
Holding	Restricted Share Unit	--	--	--

Holdings: Restricted Share Unit — 135,468 contracts (Direct)

Footnotes (2)

F1. These restricted share units ("RSUs") were granted on May 27, 2025, 25% of the RSUs shall vest on each of the first, second, third, and fourth anniversaries of the grant date, subject to the Reporting Person's continued service on the Board through each such vesting date.
F2. Each RSU represents a contingent right to receive one Class A Ordinary Share of the Issuer.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does Cheng Li-Lan report in the Zhihu (ZH) Form 3 filing?

The filing shows Cheng Li-Lan holds restricted share units linked to 135,468 Class A Ordinary Shares of Zhihu Inc. These RSUs represent a compensation-based equity position rather than an open-market trade and are reported as direct ownership on the initial Form 3.

How many Zhihu (ZH) shares are covered by Cheng Li-Lan’s RSUs?

Cheng Li-Lan’s restricted share units are tied to 135,468 Class A Ordinary Shares of Zhihu Inc. Each RSU represents a contingent right to receive one Class A Ordinary Share, so the reported underlying share count matches the RSU holdings disclosed in the filing.

What is the vesting schedule for Cheng Li-Lan’s Zhihu (ZH) RSUs?

The RSUs granted to Cheng Li-Lan on May 27, 2025 vest in four equal parts. Twenty-five percent vest on each of the first, second, third, and fourth anniversaries of the grant date, provided she continues serving on Zhihu’s Board through each respective vesting date.

Is Cheng Li-Lan’s Zhihu (ZH) Form 3 a buy or sell transaction?

The Form 3 does not report a buy or sell transaction; it reports existing holdings. It lists restricted share units covering 135,468 underlying Class A Ordinary Shares as direct ownership, reflecting a compensation grant rather than an open-market purchase or sale.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Cheng Li-Lan

(Last)

(First)

(Middle)

296 ORCHID GARDEN , 18 XINJIN ROAD,

CHAOYANG DISTRICT

(Street)

BEIJING

100015

(City)

(State)

(Zip)

CHINA

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Zhihu Inc. [ ZH ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Restricted Share Unit	⁽¹⁾	⁽¹⁾	Class A Ordinary Shares	135,468	⁽²⁾	D

Explanation of Responses:

1. These restricted share units ("RSUs") were granted on May 27, 2025, 25% of the RSUs shall vest on each of the first, second, third, and fourth anniversaries of the grant date, subject to the Reporting Person's continued service on the Board through each such vesting date.

2. Each RSU represents a contingent right to receive one Class A Ordinary Share of the Issuer.

	/s/ Li-Lan Cheng	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

Source: View Original Filing on SEC EDGAR