Zhihu Inc. announced that on 15 April 2026 it issued 1.53 million restricted share units (RSUs) to seven eligible employees under its 2022 Share Incentive Plan. The grant represents approximately 0.61% of the company’s total issued shares on a one-share-one-vote basis, excluding treasury shares.
Each RSU carries a purchase price of US$0.01. On the grant date, Zhihu’s Class A shares closed at HK$8.74 on the Hong Kong Stock Exchange, while its American depositary shares (ADSs)—each representing three Class A shares—closed at US$3.40 on the New York Stock Exchange on 14 April 2026 (the trading day prior to the grant date).
The awards follow a mixed vesting schedule spanning 48 months: selected tranches will vest on the first anniversary of the vesting commencement date, with remaining tranches vesting periodically until month 48. Vesting is tied to predefined performance targets; any unachieved portion will be forfeited. A claw-back mechanism applies if employment terminates for cause or misconduct, causing all unvested RSUs to lapse immediately.
Following this issuance, 4.02 million Class A shares remain available for future RSU grants and 13.04 million Class A shares remain available for option grants under the 2022 Share Incentive Plan. The plan, adopted on 30 March 2022, predates the amended Chapter 17 of the Hong Kong Listing Rules; Zhihu will observe relevant transitional provisions.
The Board states that the grant aims to align employee interests with shareholder value and to support talent retention essential to the company’s operations. No director, chief executive, substantial shareholder, related-entity participant, or service provider exceeded individual grant limits, and the company held no treasury shares at the announcement date.
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