ZHNYSEServices-Business Services, NECFiscal year ends December 31Also trades as ZHIHF
Zhihu Inc.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 17, 2026
$3.44+0.05 (+1.47%)
Close on Oct 19, 2026
Ownership
Institutional holdings as of Jun 30, 2026, from 13F filings
Held by institutions
100.0%
13M of 5M shares
Institutional holders
45
2 new, 4 sold out
Net institutional buying
1M
In Q2 2026
Insider trades, 12 months
0 buys · 1 sales
Net sold $1.03K
Shares held by institutions
Holders of more than 5%
Latest Schedule 13D (active) or 13G (passive) filed by each holder
| Holder | Shares | % of class | Filing | As of |
|---|---|---|---|---|
| Tencent Holdings Limited | 38,066,599 | 15.40% | 13D (active) amendment | Nov 8, 2024 |
| MO Holding Ltd | 36,854,578 | – | 13D (active) amendment | Nov 8, 2024 |
| Plus Channel Limited | 25,430,552 | 10.00% | 13D (active) amendment | Dec 19, 2025 |
| Kastle Limited | 20,027,987 | 8.00% | 13D (active) amendment | Sep 17, 2025 |
| Pandanus Associates, Inc. | 18,746,764 | 7.50% | 13G (passive) amendment | Jun 30, 2026 |
| Len Blavatnik | 17,865,410 | 7.25% | 13D (active) amendment | Nov 8, 2024 |
| FIL Limited | 13,888,269 | 5.60% | 13G (passive) | Sep 30, 2025 |
Top institutional holders
13F holdings as of Jun 30, 2026
| Holder | Shares | % of ZH | Value | Change | % of portfolio |
|---|---|---|---|---|---|
| FIL Ltd | 3,639,387 | 67.29% | $11.46M | +1,701,677 | 0.01% |
| Acadian Asset Management LLC | 2,946,610 | 54.48% | $9.20K | −288,085 | 0.01% |
| Goldman Sachs Group Inc | 577,573 | 10.68% | $1.81M | +83,457 | 0.00% |
| First Beijing Investment Ltd | 551,048 | 10.19% | $1.72M | – | 0.07% |
| E Fund Management (Hong Kong) Co., Ltd. | 508,019 | 9.39% | $1.59M | −156,652 | 0.53% |
| E Fund Management Co., Ltd. | 508,019 | 9.39% | $1.59M | −156,652 | 0.04% |
| Dodge & Cox | 501,092 | 9.27% | $1.57M | +20,000 | 0.00% |
| State Street Corp | 469,155 | 8.67% | $1.47M | −141,895 | 0.00% |
| UBS Group AG | 454,892 | 8.41% | $1.42M | +7,082 | 0.00% |
| Maven Securities LTD | 400,387 | 7.40% | $1.25M | −79,369 | 0.02% |
| Morgan Stanley | 232,938 | 4.31% | $729.10K | −81,995 | 0.00% |
| Oasis Management Co Ltd. | 225,000 | 4.16% | $704.25K | – | 0.04% |
| Harvest Fund Management Co., Ltd | 210,000 | 3.88% | $659 | New | 0.00% |
| Arrowstreet Capital, Limited Partnership | 168,256 | 3.11% | $526.64K | +18,170 | 0.00% |
| Jane Street Group, LLC | 148,150 | 2.74% | $463.71K | −155,479 | 0.00% |
| XTX Topco Ltd | 133,210 | 2.46% | $416.95K | −2,410 | 0.01% |
| Citadel Advisors LLC | 111,816 | 2.07% | $349.98K | +70,432 | 0.00% |
| JPMorgan Chase & Co | 104,565 | 1.93% | $327.29K | −9,295 | 0.00% |
| Sei Investments Co | 103,607 | 1.92% | $324.29K | −25,595 | 0.00% |
| Two Sigma Investments, LP | 99,458 | 1.84% | $311.30K | +85,090 | 0.00% |
Institutional buying and selling by quarter
Positions opened, added to, reduced and closed by 13F filers
| Quarter | Holders | Shares held | % of shares | New / added | Reduced / closed | Shares bought | Shares sold |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 45 | 13M | 100.0% | 2 / 12 | 20 / 4 | 2M | 2M |
| Q1 2026 | 48 | 12M | 100.0% | 8 / 17 | 15 / 10 | 3M | 1M |
| Q4 2025 | 51 | 13M | 100.0% | 7 / 9 | 27 / 8 | 1M | 4M |
| Q3 2025 | 54 | 15M | 100.0% | 7 / 17 | 16 / 13 | 4M | 4M |
| Q2 2025 | 61 | 15M | 100.0% | 12 / 15 | 21 / 8 | 1M | 4M |
| Q1 2025 | 57 | 18M | 100.0% | 15 / 20 | 14 / 6 | 10M | 5M |
| Q4 2024 | 48 | 13M | 100.0% | 10 / 15 | 15 / 8 | 3M | 1M |
| Q3 2024 | 46 | 12M | 100.0% | 17 / 9 | 10 / 5 | 5M | 0M |
| Q2 2024 | 34 | 8M | 100.0% | 34 / 0 | 0 / 0 | 8M | 0M |
Top mutual fund and ETF holders
Latest monthly portfolio reports (Form N-PORT)
| Fund | Shares | % of ZH | Value | % of fund | As of |
|---|---|---|---|---|---|
| Dodge & Cox Emerging Markets Stock Fund | 486,358 | 8.99% | $1.52M | 0.10% | Jun 30, 2026 |
| Jacob Internet Fund | 255,000 | 4.71% | $752.25K | 1.69% | May 31, 2026 |
| Jacob Discovery Fund | 127,366 | 2.35% | $375.73K | 2.34% | May 31, 2026 |
| State Street(R) SPDR(R) Portfolio Emerging Markets ETF | 81,447 | 1.51% | $254.93K | 0.00% | Jun 30, 2026 |
| Avantis Emerging Markets Equity ETF | 76,228 | 1.41% | $224.87K | 0.00% | May 31, 2026 |
| Siit World Equity Ex-US Fund | 70,811 | 1.31% | $208.89K | 0.00% | May 31, 2026 |
| Columbia Greater China Fund | 63,286 | 1.17% | $186.69K | 0.42% | May 31, 2026 |
| Jacob Small Cap Growth Fund | 51,000 | 0.94% | $150.45K | 1.82% | May 31, 2026 |
| Voya Multi-Manager International Small Cap Fund | 37,520 | 0.69% | $122.69K | 0.02% | Jul 31, 2026 |
| Harbor International Core Fund | 31,054 | 0.57% | $101.55K | 0.00% | Jul 31, 2026 |
| Invesco Golden Dragon China ETF | 26,280 | 0.49% | $85.94K | 0.09% | Jul 31, 2026 |
| State Street(R) SPDR(R) S&P(R) Emerging Markets Small Cap ETF | 17,262 | 0.32% | $54.03K | 0.01% | Jun 30, 2026 |
| State Street(R) SPDR(R) S&P(R) China ETF | 12,601 | 0.23% | $39.44K | 0.01% | Jun 30, 2026 |
| Optimum International Fund | 5,037 | 0.09% | $15.77K | 0.00% | Jun 30, 2026 |
| Avantis Emerging Markets Equity Fund | 4,484 | 0.08% | $13.23K | 0.00% | May 31, 2026 |
Officers, directors and major owners
People who filed Forms 3, 4 or 5 in the last two years
| Name | Role | Shares owned | % of shares | Latest filing |
|---|---|---|---|---|
| Yuan Zhou | Chief Executive Officer, Director | 36,854,578 | 681.44% | Jul 30, 2026 |
| Han Wang | Chief Financial Officer | 2,830,000 | 52.33% | Apr 21, 2026 |
| Li-Lan Cheng | Director | 33,507 | 0.62% | Jun 12, 2026 |
| Derek Chen | Director | 10,000 | 0.18% | Jun 12, 2026 |
| Hope Ni | Director | 43,867 | 0.81% | Jun 12, 2026 |
| Qu Chen | Director | – | – | Jun 12, 2026 |
| Bing Peter Yu | Director | – | – | Apr 6, 2026 |
| Dahai Li | Director | 1,772,492 | 32.77% | Mar 18, 2026 |
| Zhaohui (Jeffery) Li | Director | – | – | Mar 18, 2026 |
Insider trades
Common stock transactions reported on Form 4, newest first
| Insider | Date | Transaction | Shares | Price | Value | Shares after |
|---|---|---|---|---|---|---|
| Yuan Zhou Chief Executive Officer, Director | Jul 28, 2026 | Other | −371,436 | – | – | 14,862,319 |
| Yuan Zhou Chief Executive Officer, Director | Jul 28, 2026 | Other | +371,436 | – | – | 21,992,259 |
| Li-Lan Cheng Director | Jun 5, 2026 | Sale | +360 | $2.85 | $1.03K | 33,507 |
| Hope Ni Director | May 27, 2026 | Award | +33,867 | $0.01 | $339 | 43,867 |
| Li-Lan Cheng Director | May 27, 2026 | Award | +33,867 | $0.01 | $339 | 33,867 |
| Han Wang Chief Financial Officer | Apr 17, 2026 | Award | +330,000 | $0.01 | $3.30K | 2,830,000 |
Awards, option exercises, tax withholding and gifts are shown alongside open-market buys and sales. Each name links to the filing on SEC EDGAR.
Planned insider sales
Notices of proposed sale filed on Form 144 before shares are sold