Zhihu Inc. announced that its wholly owned subsidiary, Beijing Zhizhe Tansuo Technology Co., Ltd., signed a Subscription Agreement on 4 September 2026 to invest RMB1.50 billion (USD-denominated figure not disclosed) for a limited partnership interest in Tianjin Lisi Xingshen Equity Investment Partnership. The commitment will be financed entirely from the Group’s internal resources.
The target vehicle, established in May 2026, is a seven-year renminbi-denominated fund managed by Hainan Lisi Private Fund Management Co., Ltd., a registered private fund manager with RMB5-10 billion in assets under management. The fund will concentrate on early- to mid-stage unlisted companies in Mainland China that develop foundation models, AI infrastructure, robotics and related applications. During its four-year investment period, the General Partner expects to attract 20–30 institutional or industrial limited partners; Zhihu’s stake is anticipated to remain below 30 % after first closing.
Under the partnership terms, limited partners will pay a mid-single-digit management fee on paid-in capital. Distributions will first return invested principal, with subsequent proceeds allocated primarily to limited partners and a minority share to the General Partner. The fund’s life may be extended twice by one-year periods.
Zhihu’s board highlighted strategic benefits, citing enhanced access to high-quality AI deal flow, deeper insight into emerging technologies relevant to Zhihu’s existing AI initiatives—such as Zhihu Zhida, expert data solutions and AI-enabled content—and potential future collaborations with portfolio companies. Directors consider the transaction fair, on normal commercial terms and aligned with shareholder interests.
Given that the highest applicable percentage ratio exceeds 25 % but is below 100 %, the investment constitutes a major transaction under Hong Kong Listing Rules. Zhihu will seek shareholder approval at an extraordinary general meeting; no shareholders are required to abstain from voting. A circular with further details is slated for dispatch on or before 30 September 2026.
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