Zhihu Executes Additional Share Buyback; Cumulative 2026 Repurchases Reach 6.67 Million Shares

Zhihu Inc. has filed a Next Day Disclosure Return for 30 September 2026, confirming further activity under its 2026 share-repurchase mandate.

Latest transaction • On 29 September 2026 (U.S. time), the company repurchased 200,271 Class A ordinary shares on the New York Stock Exchange. • Purchase price ranged between USD 1.17 and USD 1.26 per share, with an aggregate consideration of USD 0.24 million, implying an average cost of roughly USD 1.21 per share. • The trade is equivalent to 66,757 American depositary shares (ADS), each representing three Class A ordinary shares, and represents 0.08% of Zhihu’s total issued share capital of 259.65 million shares (244.79 million Class A; 14.86 million Class B).

Progress of the 2026 repurchase mandate • Since shareholder authorisation on 30 June 2026, Zhihu has bought back 6.67 million Class A shares, equal to 2.62% of the shares outstanding at the mandate date. • The mandate permits repurchases of up to 25.46 million shares (10% of shares outstanding as at 30 June 2026); approximately 18.79 million shares, or 7.38% of the original authorisation, remain available. • All repurchases have been executed on the New York Stock Exchange in compliance with Hong Kong Listing Rules and applicable U.S. regulations.

Capital structure and cancellation status • Issued share capital stood unchanged at 244.79 million Class A shares on both 28 and 29 September 2026, alongside 14.86 million Class B shares, for a total of 259.65 million shares. • Zhihu lists 5.17 million shares as “bulk issuance shares” excluded from the repurchase authority. • Cumulatively, 6.35 million Class A shares repurchased before 30 June 2026 and subsequent purchases, including the latest 200,271 shares, remain to be cancelled. No treasury shares are currently held.

Moratorium on new issues Under Hong Kong Listing Rule 10.06(3)(a), Zhihu is restricted from issuing new shares or selling treasury shares until 29 October 2026, 30 days after the most recent buyback.

The company states that all repurchases have adhered to both Hong Kong and U.S. regulatory requirements and that no material changes have occurred to the explanatory statement filed with the Hong Kong Stock Exchange on 8 June 2026.