SCHEDULE: Zhihu Inc. Insider Ownership Rises to 9.0% After Repurchase

Plus Channel Limited and Kastle Limited, entities associated with Zhihu Inc.'s share incentive plan, increased their beneficial ownership to 9.0% of Class A ordinary shares through recent repurchases.

Summary

• Plus Channel Limited and Kastle Limited, the Reporting Persons, have increased their aggregate beneficial ownership in Zhihu Inc.'s Class A ordinary shares to 22,909,037 shares.
• This represents 9.0% of the total 254,416,106 issued and outstanding Class A ordinary shares as of October 31, 2025.
• The increase is due to continued share repurchases on the New York Stock Exchange and the Stock Exchange of Hong Kong Limited.
• On November 18, 2025, Plus Channel Limited repurchased 30,000 Class A ordinary shares, in the form of 10,000 ADSs, which constituted a material change in ownership.
• The funds for these repurchases were provided by Zhihu Inc. from its working capital.
• The Reporting Persons hold these Class A ordinary shares on trust under Zhihu Inc.'s share incentive plan adopted in 2022.
• Plus Channel Limited is wholly-owned by Kastle Limited.

Sentiment

Score: 7

Explanation: The filing indicates continued share repurchases by entities holding shares for the company's incentive plan, increasing their beneficial ownership. This suggests management confidence and a commitment to the share incentive program, which can be viewed positively by investors.

Positives

• Increased beneficial ownership by entities associated with the company's share incentive plan, signaling continued confidence in the company's future.
• Ongoing share repurchases, funded by the Issuer's working capital, can be a positive signal for shareholder value by reducing the number of outstanding shares.

Future Outlook

The filing does not provide specific forward-looking statements or guidance beyond the ongoing nature of the share incentive plan and continued share repurchases.

Industry Context

This filing primarily concerns insider ownership and share repurchases, which are internal corporate actions rather than direct reflections of broader industry trends. However, ongoing share repurchases can signal management's belief in the company's undervaluation relative to its peers or future prospects within its industry.

Corporate Governance

Related Party Transactions

• Share repurchases by Plus Channel Limited (wholly-owned by Kastle Limited) for the Issuer's share incentive plan, funded by the Issuer's working capital, represent transactions between related parties.

Stakeholder Impact

• Shareholders: Potential positive impact from reduced share count due to repurchases and increased alignment of interests with entities holding shares for the incentive plan.
• Employees: The shares are held under a share incentive plan, indicating continued commitment to employee compensation and retention through equity.

Key Dates

Recommendation

The filing indicates an increase in beneficial ownership by entities associated with Zhihu Inc.'s share incentive plan through ongoing share repurchases. While share repurchases can be a positive signal of management confidence and can support share price, this filing primarily updates ownership percentages and does not provide new operational or financial performance data to warrant a change from a 'hold' position. It reinforces existing corporate strategy regarding employee incentives and capital allocation.

Keywords

Zhihu Inc., Schedule 13D, share repurchase, beneficial ownership, Class A ordinary shares, ADSs, Plus Channel Limited, Kastle Limited, insider ownership, share incentive plan