ZHIHU-W (02390) has announced that on September 4, 2026, following the close of trading on the Stock Exchange of Hong Kong, its wholly-owned subsidiary, Beijing Zhizhe Exploration Technology Co., Ltd., entered into a subscription agreement with the general partner and fund manager. Under the agreement, the subscriber has agreed to contribute RMB 1.5 billion as a capital commitment to acquire limited partnership interests in the fund, alongside entering into a partnership agreement for the fund, with all transactions subject to shareholder approval at an extraordinary general meeting.
The company, which primarily operates Zhihu, one of China's leading online content communities, continues to advance the integration of artificial intelligence technologies into its community and business operations. These initiatives include Zhihu Direct Answer, expert data solutions, and AI-empowered content and IP operations. Based on these business development directions, the directors believe that the fund's core investment focus on foundational models, AI infrastructure, robotics, and AI applications aligns closely with the company's ongoing focus on AI technology and industry development.
Through this subscription, the company aims to broaden its access to quality investment opportunities in AI and technology enterprises, while further strengthening its understanding of AI technology evolution, product development, and business model innovation. The fund's investment strategy also presents potential synergies with the company's existing AI-related businesses. Specifically, the fund's emphasis on foundational models and AI applications could assist the company in better comprehending developments in large model technology, product design, and application scenarios, potentially creating opportunities for technology integration or business collaboration in areas such as Zhihu Direct Answer, expert data solutions, and AI-driven content and IP creation.
Furthermore, the fund's investments in AI infrastructure and robotics are expected to deepen the company's understanding of the AI industry chain and cutting-edge technology trends. As the company serves as a limited partner and does not participate in the fund's specific investment decisions, any potential business collaboration or synergy opportunities will depend on the fund's actual portfolio and related commercial opportunities, and will be evaluated by the company separately based on their commercial viability.
Given the high level of expertise and resource requirements in primary market AI investments, which demand capabilities in industry research, deal sourcing, investment screening, transaction execution, and post-investment management, the directors believe that participating in a fund managed by professional fund managers will enable the company to: (i) more effectively leverage the manager's professional expertise in industry analysis, project screening, investment judgment, deal sourcing, and portfolio management; (ii) gain access to investment opportunities in AI and technology companies with substantial technical barriers and long-term growth potential; and (iii) further enhance the company's understanding of cutting-edge AI technologies and the broader industry ecosystem, providing additional industry perspectives and opportunities for future potential business collaborations.
The subscription does not represent a change in the company's principal business or strategic priorities. The company will continue to focus on the development of the Zhihu community, enhance the operational quality and efficiency of its core business, and prudently evaluate and advance AI-related business opportunities as appropriate. Additionally, the company may explore potential collaborations with AI industry ecosystem participants, leveraging its long-term strengths in professional content, intellectual property, creator and expert ecosystems, and AI applications. Any such potential collaborations, if they arise, will be evaluated separately by the company based on their commercial merit.
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