Zhihu Inc. (ZHIHU-W) has filed its Monthly Return for Equity Issuer with the Hong Kong Stock Exchange for the period ended 30 April 2026, detailing continued share repurchases, a small Class B-to-Class A conversion and an unchanged authorised share-capital structure. All figures below refer to weighted voting right (WVR) ordinary shares unless otherwise stated.
Authorised share capital unchanged • Class A: 1.55 billion authorised shares at USD 0.000125 par value. • Class B: 50.00 million authorised shares at the same par value. • Total authorised capital: USD 0.20 million.
Issued share movements • Class A outstanding fell by 3.51 million to 250.91 million. • Class B outstanding fell by 0.21 million to 15.23 million. • The decreases stem from buybacks, cancellations and a 1-for-1 conversion of 213,023 Class B shares into Class A on 27 April 2026. • Public float continues to satisfy the 25 % minimum threshold required by HKEX listing rules.
Buyback activity • From 1 to 22 April, Zhihu repurchased 4.98 million Class A shares (represented by ADSs) on the New York Stock Exchange; these shares had not been cancelled as at month-end. • On 27 April, 3.72 million previously repurchased Class A shares were formally cancelled.
Equity incentive programmes • Share options: 675,682 options remain outstanding under the 2012 Plan; none were exercised during the month. • Restricted share units (RSUs) under the 2022 Plan: – 1.53 million RSUs granted in April. – 1.30 million RSUs vested. – 0.63 million RSUs forfeited. – 9.75 million RSUs remain issuable. • Aggregate headroom for future option grants under the 2022 Plan stands at 13.04 million shares, while 2,500 restricted shares remain issuable under the 2012 Plan.
As of 30 April 2026, Zhihu’s issued share capital comprised 250.91 million Class A and 15.23 million Class B shares, underpinning its weighted voting rights structure and ongoing capital-management initiatives.
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