Zhihu (NYSE: ZH) director Li Dahai details ADS-linked share stake

Rhea-AI Filing Summary

Zhihu Inc. director Li Dahai has filed an initial ownership report showing his stake in the company’s Class A ordinary shares. He reports 99,450 Class A shares held directly and a further 1,673,042 Class A shares held indirectly through Ocean Alpha Investment Limited. The holdings are in the form of American depositary shares, with each ADS representing three Class A ordinary shares.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Li Dahai

Role Director

Type	Security	Shares	Price	Value
holding	Class A Ordinary Shares	--	--	--
holding	Class A Ordinary Shares	--	--	--

Holdings After Transaction: Class A Ordinary Shares — 99,450 shares (Direct); Class A Ordinary Shares — 1,673,042 shares (Indirect, By Ocean Alpha Investment Limited.)

Footnotes (1)

1. [object Object]

Understanding Insider Trading Forms →

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^*

Li Dahai

(Last) (First) (Middle)

2-201, BUILDING 8, LUGANG JIAYUAN

CHAOYANG DISTRICT

(Street)

BEIJING 100020

(City) (State) (Zip)

UNITED STATES

(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)
Class A Ordinary Shares(1)	99,450	D
Class A Ordinary Shares	1,673,042	I	By Ocean Alpha Investment Limited.

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)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. In the form of American depositary shares, each American depositary share representing three Class A ordinary shares.

	/s/ Dahai Li	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)

FAQ

What does Zhihu (ZH) director Li Dahai report in this Form 3 filing?

Li Dahai reports his existing ownership in Zhihu Class A ordinary shares. He holds shares both directly and indirectly through Ocean Alpha Investment Limited, providing investors with a clear baseline of his stake as a company director.

How many Zhihu (ZH) Class A shares does Li Dahai hold directly and indirectly?

Li Dahai reports 99,450 Zhihu Class A ordinary shares held directly and 1,673,042 Class A ordinary shares held indirectly through Ocean Alpha Investment Limited, giving a detailed breakdown of his total reported equity interest.

How are Zhihu (ZH) Class A ordinary shares represented in American depositary share form?

The filing notes the holdings are in the form of American depositary shares. Each American depositary share represents three Zhihu Class A ordinary shares, linking the U.S.-traded instrument to the underlying ordinary share count.

What is the significance of a Form 3 filing for Zhihu (ZH) investors?

Form 3 is an initial beneficial ownership report for insiders. It establishes how many Zhihu shares a director or officer already owns when they become subject to reporting, helping investors understand baseline insider ownership levels.

How are Li Dahai’s indirect Zhihu (ZH) holdings structured?

The filing states that 1,673,042 Zhihu Class A ordinary shares are held indirectly through Ocean Alpha Investment Limited. This clarifies that a substantial portion of his reported stake is owned via an affiliated investment entity.