Zhihu Reports Ongoing Share Buybacks; 5.69 Million Shares Repurchased under 10% Mandate

Bulletin Express09-21

Zhihu Inc. (abbreviation: Zhihu) filed a Next Day Disclosure Return on 21 September 2026, detailing its latest share capital position and progress under the current share-repurchase mandate.

Key points

1. Issued share capital unchanged • Opening and closing balance of issued shares (excluding treasury shares) remained at 244.79 million Class A ordinary shares on 17 – 18 September 2026. • Together with 14.86 million Class B ordinary shares, total issued share capital stands at 259.65 million shares.

2. Latest repurchase on 18 September 2026 • Shares bought: 179,073 Class A ordinary shares (equivalent to 59,691 ADSs, each ADS represents three Class A shares). • Venue: New York Stock Exchange. • Price range: USD 1.0450–1.0667 per share; volume-weighted average price USD 1.0667. • Cash outlay: USD 0.19 million. • All repurchased shares are intended for cancellation; none will be held as treasury stock.

3. Cumulative repurchases under 2026 mandate • Total shares bought between 1 July and 18 September 2026: 5.69 million Class A shares. • This represents 2.24 % of the company’s 254.62 million issued shares (excluding treasury shares) authorised under the 30 June 2026 mandate, which permits repurchases of up to 25.46 million shares (10 % of outstanding shares). • Repurchase prices since 1 July ranged between USD 0.88 and USD 1.11 per share.

4. Post-repurchase constraints • In line with Hong Kong Listing Rules, Zhihu is subject to a moratorium on new share issues, sales, or transfers of treasury shares for 30 days following the 18 September transaction, ending 18 October 2026.

5. Treasury-share status • All 5.69 million repurchased shares remain pending cancellation as of 18 September 2026; no treasury shares are held.

The company affirmed that all repurchases complied with Hong Kong Stock Exchange Main Board Rules and relevant U.S. regulations.

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