Zhihu Inc. (NYSE: ZH) CEO converts 371,436 Class B into Class A

Rhea-AI Filing Summary

Zhihu Inc. director and Chief Executive Officer Zhou Yuan reported an internal share reclassification on July 28, 2026. Through MO Holding Ltd, he converted 371,436 Class B ordinary shares into 371,436 Class A ordinary shares on a one-for-one basis, in line with Hong Kong listing rules as the issuer cancelled certain repurchased shares.

After the conversion, MO Holding Ltd is reported to hold 21,992,259 Class A and 14,862,319 Class B ordinary shares indirectly for Zhou Yuan. The paired transactions were coded as restructuring events and recorded at a price of 0.0000 per share.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Zhou Yuan

Role Chief Executive Officer

Type	Security	Shares	Price	Value
Other	Class A ordinary shares F1	371,436	$0.00	$0.00
Other	Class B ordinary shares F1	371,436	$0.00	$0.00

Holdings After Transaction: Class A ordinary shares — 21,992,259 shares (Indirect, By MO Holding Ltd); Class B ordinary shares — 14,862,319 shares (Indirect, By MO Holding Ltd)

Footnotes (1)

1. F1. In accordance with the listing rules of the Stock Exchange of Hong Kong Limited, Mr. Yuan Zhou converted 371,436 Class B ordinary shares into 371,436 Class A ordinary shares on a one-for-one basis as the Issuer cancelled certain repurchased shares.

Key Figures

Shares converted: 371,436 shares Class A shares held after: 21,992,259 shares Class B shares held after: 14,862,319 shares +2 more

5 metrics

Shares converted 371,436 shares Class B ordinary shares converted into Class A on July 28, 2026

Class A shares held after 21,992,259 shares Indirect Class A holdings via MO Holding Ltd following the transaction

Class B shares held after 14,862,319 shares Indirect Class B holdings via MO Holding Ltd following the conversion

Restructuring shares 742,872 shares Total shares involved in restructuring-coded transactions in this Form 4

Reported transaction price 0.0000 per share Price per share reported for both legs of the Class A/Class B conversion

Key Terms

Class B ordinary shares, Class A ordinary shares, one-for-one basis, listing rules of the Stock Exchange of Hong Kong Limited

4 terms

Class B ordinary shares financial

"converted 371,436 Class B ordinary shares into 371,436 Class A"

Class B ordinary shares are a type of ownership stake in a company that typically come with different voting rights or privileges compared to other share classes. For investors, they represent a way to hold part of the company’s value and influence its decisions, often with fewer voting rights than Class A shares. Understanding these shares helps investors assess their level of control and potential returns within a company.

Class A ordinary shares financial

"converted 371,436 Class B ordinary shares into 371,436 Class A ordinary shares"

Class A ordinary shares are a type of ownership stake in a company that typically grants voting rights to shareholders, allowing them to have a say in important company decisions. They often come with priority in receiving dividends or profits, making them attractive to investors seeking influence and potential income. These shares help distinguish different levels of ownership and rights within a company's stock structure.

one-for-one basis financial

"converted 371,436 Class B ordinary shares into 371,436 Class A ordinary shares on a one-for-one basis"

listing rules of the Stock Exchange of Hong Kong Limited regulatory

"In accordance with the listing rules of the Stock Exchange of Hong Kong Limited, Mr. Yuan Zhou converted"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/30/2026 - 06:39 AM Accepted by SEC EDGAR 07/30/2026 - 06:39 AM Learn about SEC filing dates

FAQ

What transaction did Zhihu (ZH) CEO Zhou Yuan report on July 28, 2026?

Zhou Yuan reported a restructuring that converted 371,436 Class B ordinary shares into 371,436 Class A ordinary shares through MO Holding Ltd. The change followed Hong Kong listing rules as Zhihu cancelled certain repurchased shares, and it was coded as an “other” acquisition/disposition.

How many Zhihu (ZH) shares were converted between classes in this filing?

The filing shows 371,436 Class B ordinary shares were converted into 371,436 Class A ordinary shares on a one-for-one basis. Both legs of the transaction were recorded at a reported price of 0.0000 per share, reflecting an internal reclassification rather than a market purchase or sale.

How many Zhihu (ZH) Class A shares does MO Holding Ltd hold after the conversion?

Following the reported conversion, MO Holding Ltd is shown as indirectly holding 21,992,259 Class A ordinary shares for Zhou Yuan. This figure reflects MO Holding’s Class A position after receiving 371,436 additional Class A shares in exchange for the same number of Class B shares.

How many Zhihu (ZH) Class B shares remain held after Zhou Yuan’s restructuring?

After disposing of 371,436 Class B ordinary shares in the conversion, MO Holding Ltd is reported as indirectly holding 14,862,319 Class B ordinary shares. These holdings, together with its Class A position, represent Zhou Yuan’s indirect equity interest reported in this Form 4.

Was Zhou Yuan’s Zhihu (ZH) share transaction a market buy or sale?

No. The Form 4 classifies the activity under code J (other acquisition or disposition), describing a one-for-one conversion of Class B into Class A shares at a reported price of 0.0000 per share. It reflects an internal restructuring, not an open market purchase or sale.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Zhou Yuan

(Last) (First) (Middle)

18, XUEQING ROAD, HAIDIAN DISTRICT

(Street)

BEIJING 100083

(City) (State) (Zip)

CHINA

(Country)

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

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

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

2a. Foreign Trading Symbol
[HKEX: 2390]

3. Date of Earliest Transaction (Month/Day/Year)
07/28/2026

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

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

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A ordinary shares(1)	07/28/2026		J		371,436	A	$0	21,992,259	I	By MO Holding Ltd
Class B ordinary shares(1)	07/28/2026		J		371,436	D	$0	14,862,319	I	By MO Holding Ltd

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. In accordance with the listing rules of the Stock Exchange of Hong Kong Limited, Mr. Yuan Zhou converted 371,436 Class B ordinary shares into 371,436 Class A ordinary shares on a one-for-one basis as the Issuer cancelled certain repurchased shares.

	/s/ Yuan Zhou	07/30/2026
	** 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 4 (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 4: SEC 1474 (03-26)