ZHIHU-W (Zhihu Inc.) filed a Next Day Disclosure Return with the Hong Kong Stock Exchange on 20 October 2026, detailing extensive share repurchases executed since early July while confirming no change to its issued share capital as of 16 October 2026.
Key Highlights
• Share capital unchanged: The company’s issued share capital of 244.79 million Class A ordinary shares (within a total share base of 259.65 million, including 14.86 million Class B shares) was unchanged between 15 and 16 October 2026. No treasury shares were held at either date.
• Cumulative buybacks: Between 1 July and 16 October 2026, Zhihu repurchased 8.78 million Class A shares for cancellation (not yet cancelled as of 16 October). These purchases represent roughly 3.4 % of the 259.65 million issued shares referred to in the company’s filing.
• Latest transaction: On 16 October 2026 (U.S. time), Zhihu bought back 150,000 Class A shares on the New York Stock Exchange at prices ranging between USD 1.1217 and USD 1.16 per share, spending USD 0.17 million (volume-weighted average price: USD 1.15).
• Repurchase mandate utilisation: As of 16 October, Zhihu has repurchased 8.92 million shares under the shareholder mandate granted on 30 June 2026, utilising 3.50 % of the 25.46 million shares authorised (equivalent to 10 % of outstanding shares at mandate date).
• Issuance moratorium: In accordance with Hong Kong listing rules, Zhihu is restricted from issuing new shares or transferring any treasury shares until 15 November 2026.
• Compliance confirmation: The company affirmed that all repurchases conformed to Hong Kong and New York Stock Exchange regulations, with no material changes to the June 2026 explanatory statement lodged with the Exchange.
The disclosed buyback activity underscores Zhihu’s ongoing capital management strategy, though the company’s total issued share count will reflect the reduction only after formal cancellation of the repurchased shares.
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