Zhihu Inc. (ZHIHU-W) has filed a Next Day Disclosure Return with the Hong Kong Stock Exchange, outlining developments in its share capital and repurchase programme up to 14 September 2026.

Key Highlights

1. Issued Share Capital Unchanged • Opening and closing balances during 11–14 September 2026 remained at 244.79 million Class A ordinary shares and 14.86 million Class B ordinary shares, leaving total issued shares unchanged at 259.65 million. • No new shares were issued, and no previously repurchased shares have yet been cancelled.

2. Ongoing Share Repurchase Activity • From 1 July through 14 September 2026, the company repurchased 5.12 million Class A shares for cancellation, equivalent to 2.01 % of the outstanding shares as at the 30 June 2026 mandate date. • Daily purchase prices ranged between USD 0.89 and USD 1.11 per share, with a volume-weighted average cost of roughly USD 1.06 per share.

3. Latest Transaction on 14 September 2026 • Zhihu bought back 165,837 Class A shares on the New York Stock Exchange at prices between USD 0.95 and USD 0.98, for a total consideration of USD 0.16 million. • These shares, like earlier repurchases, are earmarked for cancellation and currently remain in treasury.

4. Repurchase Mandate Capacity • Shareholders granted authority on 30 June 2026 for Zhihu to buy back up to 25.46 million shares (10 % of shares outstanding at that date). • After the 5.12 million shares already acquired, approximately 20.34 million shares—about 7.99 % of the mandate—remain available for future repurchases.

5. Post-Repurchase Moratorium • Under Hong Kong listing rules, Zhihu is restricted from issuing new shares or selling/ transferring treasury shares until 14 October 2026, 30 days after the most recent repurchase.

The disclosure signals that Zhihu is actively utilising its buyback authorisation to enhance shareholder value while maintaining a stable share base. With significant capacity still available under its mandate, further repurchases remain possible in the coming months, subject to market conditions and regulatory constraints.