Zhihu Inc. (Zhihu) disclosed in its Next Day Disclosure Return (dated 26 June 2026) that an additional 122,250 Class A ordinary shares were repurchased on 25 June 2026 via the New York Stock Exchange at prices ranging between USD 0.9817 and USD 1.0133 per share, for a total consideration of USD 0.12 million. The purchase, equivalent to 40,750 American Depositary Shares (each ADS represents three Class A shares), is part of the company’s authorised share-repurchase mandate approved on 25 June 2025.
Key takeaways
1. Cumulative outstanding repurchases • Between 1 April and 25 June 2026, Zhihu bought back 6.33 million Class A shares that remain pending cancellation. • The repurchased stock represents approximately 2.38 % of the company’s total issued share capital of 266.14 million shares (250.91 million Class A and 15.23 million Class B shares). • To date, Zhihu has utilised 10.05 million shares, or 3.82 % of the shares outstanding at the time of the mandate, under its 26.30 million-share buyback authorisation.
2. Capital base unchanged • Despite the ongoing repurchase activity, Zhihu’s issued share count stood unchanged at 250.91 million Class A ordinary shares as of 25 June 2026, alongside 15.23 million Class B shares, keeping the total outstanding at 266.14 million shares. • All shares repurchased since April 2026 are earmarked for cancellation but had not yet been removed from the share register by the reporting date.
3. Upcoming issuance restriction • In accordance with Hong Kong Stock Exchange rules, Zhihu is subject to a 30-day moratorium on new share issues or treasury-share sales following the latest buyback, lasting until 25 July 2026.
Financial implications The 122,250-share transaction on 25 June brings Zhihu’s cash outlay for that day’s repurchase to USD 0.12 million, at an average price of approximately USD 0.9925 per share. Aggregate cash used for repurchases reported since 1 April 2026 totals roughly USD 6.63 million, based on the volume-weighted average prices disclosed for each day.
Strategic context The sustained buyback activity suggests continued execution of the board-authorised repurchase programme aimed at enhancing shareholder value through capital management. The company affirms that all transactions comply with Hong Kong Listing Rules and applicable U.S. regulations governing NYSE purchases.
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