Zhihu (NYSE: ZH) director vests 33,867 RSUs from board grant

Rhea-AI Filing Summary

Zhihu Inc. director Hope Ni reported the vesting of 33,867 restricted share units, each converting into one Class A ordinary share. These RSUs are part of a 135,468-unit board grant that vests in four equal annual installments, contingent on continued board service. Following this compensation-related vesting, Ni directly holds 43,867 Class A shares and 101,601 remaining restricted share units, with no open-market purchases or sales reported in this filing.

Insider Trade Summary

33,867 shares exercised/converted

Mixed 2 txns

Insider Ni Hope

Role Director

Type	Security	Shares	Price	Value
Exercise	Restricted Share Unit	33,867	$0.01	$338.67
Grant/Award	Class A Ordinary Shares	33,867	$0.01	$338.67

Holdings After Transaction: Restricted Share Unit — 101,601 shares (Direct); Class A Ordinary Shares — 43,867 shares (Direct)

Footnotes (1)

1. Represents the vesting of 33,867 restricted share units ("RSUs") out of an original grant of 135,468 RSUs (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). Each restricted share unit represents the contingent right to receive one Class A ordinary share.

Key Figures

RSUs vested: 33,867 units Original RSU grant: 135,468 units Shares owned after transaction: 43,867 shares +2 more

5 metrics

RSUs vested 33,867 units Restricted share units vesting on May 27, 2026

Original RSU grant 135,468 units Board grant vesting 25% annually over four years

Shares owned after transaction 43,867 shares Class A ordinary shares held directly after RSU vesting

Unvested RSUs remaining 101,601 units Restricted share units outstanding after the 33,867-unit vesting

RSU exercise/settlement price $0.01 per share Price per share associated with RSU-related transactions

Key Terms

Restricted Share Unit, vesting, Class A Ordinary Shares, grant date, +1 more

5 terms

Restricted Share Unit financial

"Represents the vesting of 33,867 restricted share units ("RSUs") out of an original grant of 135,468 RSUs"

A restricted share unit (RSU) is a promise by a company to give an employee a set number of company shares at a future date, typically after meeting time or performance conditions. For investors, RSUs matter because when they convert into actual shares they increase the number of shares outstanding (like unlocking more tickets in a game), which can dilute existing holders, and they align employee incentives with company performance, influencing behavior and long-term value.

vesting financial

"25% of the RSUs shall vest on each of the first, second, third, and fourth anniversaries"

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

Class A Ordinary Shares financial

"Each restricted share unit represents the contingent right to receive one Class A ordinary share."

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.

grant date financial

"on each of the first, second, third, and fourth anniversaries of the grant date"

The grant date is the day a company formally gives an employee or contractor the right to receive stock-based compensation, such as stock options or restricted shares. It matters to investors because it fixes key terms—like the price, the start of the ownership clock, and when the award will affect the company’s financial statements and share count—so it can influence dilution, reported expenses, and potential future selling pressure.

Board financial

"subject to the Reporting Person's continued service on the Board through each such vesting date"

A board is a group of elected people who oversee a company’s direction and management, like a steering committee that hires and evaluates the CEO, approves major deals, and sets broad policies. Investors care because the board’s decisions and oversight shape strategy, risk, dividend and takeover decisions, and legal protections for shareholders—so a strong, independent board can increase the chances of steady returns and protect against mismanagement.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/12/2026 - 09:03 AM Accepted by SEC EDGAR 06/12/2026 - 09:03 AM Learn about SEC filing dates

FAQ

What insider transaction did Zhihu (ZH) director Hope Ni report?

Director Hope Ni reported the vesting of 33,867 restricted share units, converting into Class A ordinary shares as part of a board equity grant. This is a compensation-related acquisition, not an open-market stock purchase or sale.

How many Zhihu RSUs were originally granted to director Hope Ni?

Hope Ni’s equity award originally covered 135,468 restricted share units. According to the terms, 25% of these RSUs vest on each anniversary of the grant date, subject to continued service on Zhihu’s Board of Directors.

What is the vesting schedule for Hope Ni’s Zhihu RSU grant?

The RSU grant vests in four equal annual installments of 25% each. Vesting occurs on the first, second, third, and fourth anniversaries of the grant date, provided Hope Ni continues serving on Zhihu’s Board through each vesting date.

How many Zhihu Class A shares does Hope Ni hold after this Form 4?

After this transaction, Hope Ni holds 43,867 Class A ordinary shares directly. These shares result from RSU vesting and represent actual stock ownership separate from the 101,601 remaining unvested restricted share units.

How many unvested Zhihu RSUs remain for director Hope Ni?

Following the 33,867-unit vesting, 101,601 restricted share units remain from the original grant. These unvested RSUs continue to be subject to the time-based vesting schedule and ongoing board service requirements described in the award terms.

Did Hope Ni buy or sell Zhihu shares on the open market?

No open-market purchases or sales were reported. The Form 4 shows RSU vesting and derivative exercise, which are compensation-related equity events, rather than discretionary buying or selling of Zhihu shares in the public market.

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^*

Ni Hope

(Last) (First) (Middle)

SHOUSON HILL ROAD NO9, DEEP WATER BAY

(Street)

HONG KONG 999077

(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
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol
[HKEX: 2390]

3. Date of Earliest Transaction (Month/Day/Year)
05/27/2026

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)	05/27/2026		A		33,867	A	$0.01	43,867	D

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
Restricted Share Unit	(2)	05/27/2026		M			33,867	(1)	(1)	Class A Ordinary Shares	33,867	$0.01	101,601	D

Explanation of Responses:

1. Represents the vesting of 33,867 restricted share units ("RSUs") out of an original grant of 135,468 RSUs (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 restricted share unit represents the contingent right to receive one Class A ordinary share.

	/s/ Hope Ni	06/12/2026
	** 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)