6-K
Zhihu Inc. (ZH)
6-K
2026-07-13
For: 2026-07-13
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July 13, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of July 2026
Commission File Number: 001-40253
Zhihu Inc.
(Registrant’s Name)
18 Xueqing Road
Haidian District,Beijing 100083
People’s Republicof China
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Zhihu Inc. | ||
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| By | : | /s/ Han Wang |
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| Name | : | Han Wang |
| Title | : | Chief Financial Officer |
Date: July 13, 2026
Exhibit 99.1
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FF305<br>Page 1 of 9 v 1.3.0<br>Next Day Disclosure Return<br>(Equity issuer - changes in issued shares or treasury shares, share buybacks and/or on-market sales of treasury shares)<br>Instrument: Equity issuer Status: New Submission<br>Name of Issuer: Zhihu Inc.<br>Date Submitted: 03 July 2026<br>Section I must be completed by a listed issuer where there has been a change in its issued shares or treasury shares which is discloseable pursuant to rule 13.25A of the Rules Governing the<br>Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Exchange”) (the “Main Board Rules”) or rule 17.27A of the Rules Governing the Listing of Securities on GEM of the<br>Exchange (the “GEM Rules”).<br>Section I<br>1. Class of shares WVR ordinary shares Type of shares A Listed on the Exchange Yes<br>Stock code (if listed) 02390 Description<br>A. Changes in issued shares or treasury shares<br>Events<br>Changes in issued shares<br>(excluding treasury shares)<br>Number of issued<br>shares (excluding<br>treasury shares)<br>As a % of existing<br>number of issued<br>shares (excluding<br>treasury shares) before<br>the relevant event<br>(Note 3)<br>Changes in treasury<br>shares<br>Number of treasury<br>shares<br>Issue/ selling price per<br>share (Note 4)<br>Total number of issued<br>shares<br>Opening balance as at (Note 1) 01 July 2026 250,907,515 0 250,907,515<br>1). Other (please specify)<br>See Part B<br>Date of changes 02 July 2026<br>%<br>Closing balance as at (Notes 5 and 6) 02 July 2026 250,907,515 0 250,907,515 |
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FF305<br>Page 2 of 9 v 1.3.0<br>B. Shares redeemed or repurchased for cancellation but not yet cancelled as at the closing balance date (Notes 5 and 6)<br>1). Shares repurchased for cancellation but not yet canceled<br>Date of changes 01 April 2026<br>328,488 0.122 % USD 0.9366<br>2). Shares repurchased for cancellation but not yet canceled<br>Date of changes 02 April 2026<br>169,593 0.063 % USD 0.9938<br>3). Shares repurchased for cancellation but not yet canceled<br>Date of changes 06 April 2026<br>391,761 0.145 % USD 1.0333<br>4). Shares repurchased for cancellation but not yet canceled<br>Date of changes 07 April 2026<br>391,134 0.145 % USD 1.0268<br>5). Shares repurchased for cancellation but not yet canceled<br>Date of changes 08 April 2026<br>279,687 0.104 % USD 1.0802<br>6). Shares repurchased for cancellation but not yet canceled<br>Date of changes 09 April 2026<br>221,358 0.082 % USD 1.0885<br>7). Shares repurchased for cancellation but not yet canceled<br>Date of changes 10 April 2026<br>365,856 0.136 % USD 1.0915<br>8). Shares repurchased for cancellation but not yet canceled<br>Date of changes 13 April 2026<br>341,901 0.127 % USD 1.0864<br>9). Shares repurchased for cancellation but not yet canceled<br>Date of changes 14 April 2026<br>347,052 0.129 % USD 1.136<br>10). Shares repurchased for cancellation but not yet canceled<br>Date of changes 15 April 2026<br>230,343 0.085 % USD 1.179<br>11). Shares repurchased for cancellation but not yet canceled<br>Date of changes 16 April 2026<br>366,780 0.136 % USD 1.2245 |
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FF305<br>Page 3 of 9 v 1.3.0<br>12). Shares repurchased for cancellation but not yet canceled<br>Date of changes 17 April 2026<br>422,766 0.157 % USD 1.2768<br>13). Shares repurchased for cancellation but not yet canceled<br>Date of changes 20 April 2026<br>394,065 0.146 % USD 1.2564<br>14). Shares repurchased for cancellation but not yet canceled<br>Date of changes 21 April 2026<br>368,010 0.136 % USD 1.2124<br>15). Shares repurchased for cancellation but not yet canceled<br>Date of changes 22 April 2026<br>361,530 0.134 % USD 1.242<br>16). Shares repurchased for cancellation but not yet canceled<br>Date of changes 05 June 2026<br>111,630 0.042 % USD 1.0357<br>17). Shares repurchased for cancellation but not yet canceled<br>Date of changes 08 June 2026<br>123,270 0.046 % USD 1.0798<br>18). Shares repurchased for cancellation but not yet canceled<br>Date of changes 09 June 2026<br>125,646 0.047 % USD 1.0525<br>19). Shares repurchased for cancellation but not yet canceled<br>Date of changes 10 June 2026<br>89,463 0.034 % USD 1.0666<br>20). Shares repurchased for cancellation but not yet canceled<br>Date of changes 11 June 2026<br>81,639 0.031 % USD 1.0545<br>21). Shares repurchased for cancellation but not yet canceled<br>Date of changes 12 June 2026<br>58,401 0.022 % USD 1.0604<br>22). Shares repurchased for cancellation but not yet canceled<br>Date of changes 15 June 2026<br>29,277 0.011 % USD 1.0722<br>23). Shares repurchased for cancellation but not yet canceled<br>Date of changes 16 June 2026<br>104,325 0.039 % USD 1.06 |
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FF305<br>Page 4 of 9 v 1.3.0<br>24). Shares repurchased for cancellation but not yet canceled<br>Date of changes 17 June 2026<br>113,886 0.043 % USD 1.0473<br>25). Shares repurchased for cancellation but not yet canceled<br>Date of changes 18 June 2026<br>105,207 0.04 % USD 1.0454<br>26). Shares repurchased for cancellation but not yet canceled<br>Date of changes 22 June 2026<br>75,387 0.028 % USD 1.0284<br>27). Shares repurchased for cancellation but not yet canceled<br>Date of changes 23 June 2026<br>102,600 0.039 % USD 1.0332<br>28). Shares repurchased for cancellation but not yet canceled<br>Date of changes 24 June 2026<br>107,457 0.04 % USD 1.0218<br>29). Shares repurchased for cancellation but not yet canceled<br>Date of changes 25 June 2026<br>122,250 0.046 % USD 0.9925<br>30). Shares repurchased for cancellation but not yet canceled<br>Date of changes 26 June 2026<br>5,100 0.002 % USD 0.9833<br>31). Shares repurchased for cancellation but not yet canceled<br>Date of changes 29 June 2026<br>13,494 0.005 % USD 1.0331<br>32). Shares repurchased for cancellation but not yet canceled<br>Date of changes 30 June 2026<br>139,809 0.053 % USD 1.0519<br>33). Shares repurchased for cancellation but not yet canceled<br>Date of changes 01 July 2026<br>108,498 0.041 % USD 1.058<br>34). Shares repurchased for cancellation but not yet canceled<br>Date of changes 02 July 2026<br>135,000 0.051 % USD 1.0484<br>Remarks: 45,000 ADS were repurchased on the New York Stock Exchange on July 2, 2026 (U.S. time) at US$3.1452 per ADS. Each ADS represents three class A ordinary<br>shares.<br>The percentage as stated in the above "Changes in issued shares (excluding treasury shares) as a % of existing number of issued shares (excluding treasury shares)<br>before the relevant event" column was calculated based on the Company's issued shares of 266,141,270 (comprising 250,907,515 Class A ordinary shares and |
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FF305<br>Page 5 of 9 v 1.3.0<br>15,233,755 Class B ordinary shares). |
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FF305<br>Page 6 of 9 v 1.3.0<br>Confirmation Not applicable<br>Notes to Section I:<br>1. Please insert the closing balance date of the last Next Day Disclosure Return published pursuant to Main Board Rule 13.25A / GEM Rule 17.27A or Monthly Return pursuant to Main<br>Board Rule 13.25B / GEM Rule 17.27B, whichever is the later.<br>2. Please set out all changes in issued shares or treasury shares requiring disclosure pursuant to Main Board Rule 13.25A / GEM Rule 17.27A together with the relevant dates of<br>changes. Each category will need to be disclosed individually with sufficient information to enable the user to identify the relevant category in the listed issuer's Monthly Return. For<br>example, multiple issues of shares as a result of multiple exercises of share options under the same share option scheme or of multiple conversions under the same convertible note<br>must be aggregated and disclosed as one category. However, if the issues resulted from exercises of share options under 2 share option schemes or conversions of 2 convertible<br>notes, these must be disclosed as 2 separate categories.<br>3. The percentage change in the number of issued shares (excluding treasury shares) of the listed issuer is to be calculated by reference to the opening balance of the number of issued<br>shares (excluding treasury shares) being disclosed in this Next Day Disclosure Return.<br>4. In the case of a share repurchase or redemption, the “issue/ selling price per share” shall be construed as “repurchase price per share” or “redemption price per share”.<br>Where shares have been issued/ sold/ repurchased/ redeemed at more than one price per share, a volume-weighted average price per share should be given.<br>5. The closing balance date is the date of the last relevant event being disclosed.<br>6. For repurchase or redemption of shares, disclosure is required when the relevant event has occurred (subject to the provisions of Main Board Rules 10.06(4)(a), 13.25A and 13.31 /<br>GEM Rules 13.13(1), 17.27A and 17.35), even if the repurchased or redeemed shares have not yet been cancelled.<br>If repurchased or redeemed shares are to be cancelled upon settlement of such repurchase or redemption after the closing balance date, they shall remain part of the issued shares as<br>at the closing balance date in Part A. Details of these repurchased or redeemed shares shall be disclosed in Part B.<br>7. Items (i) to (viii) are suggested forms of confirmation. The listed issuer may amend the item(s) that is/are not applicable to meet individual cases.<br>8. “Identical” means in this context:<br>- the securities are of the same nominal value with the same amount called up or paid up;<br>- they are entitled to dividend/interest at the same rate and for the same period, so that at the next ensuing distribution, the dividend/interest payable per unit will amount to<br>exactly the same sum (gross and net); and<br>- they carry the same rights as to unrestricted transfer, attendance and voting at meetings and rank pari passu in all other respects. |
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FF305<br>Page 7 of 9 v 1.3.0<br>Section II must also be completed by a listed issuer where it has made a repurchase of shares which is discloseable under Main Board Rule 10.06(4)(a) / GEM Rule 13.13(1).<br>Repurchase report<br>Section II<br>1. Class of shares WVR ordinary shares Type of shares A Listed on the Exchange Yes<br>Stock code (if listed) 02390 Description<br>A. Repurchase report<br>Trading date Number of shares<br>repurchased<br>Method of repurchase<br>(Note 1)<br>Repurchase price per share or<br>highest repurchase price per<br>share $<br>Lowest repurchase<br>price per share $ Aggregate price paid $<br>1). 02 July 2026 135,000 On another stock exchange<br>New York Stock Exchange<br>USD 1.0567 USD 1.0417 USD 141,533.49<br>Total number of shares<br>repurchased 135,000 Aggregate price paid $ USD 141,533.49<br>Number of shares<br>repurchased for<br>cancellation<br>135,000<br>Number of shares<br>repurchased for holding<br>as treasury shares<br>0<br>B. Additional information for issuer who has a primary listing on the Exchange<br>1). Date of the resolution granting the repurchase mandate 30 June 2026<br>2). Total number of shares which the issuer is authorised to repurchase under the repurchase mandate 25,461,758<br>3). Number of shares repurchased on the Exchange or another stock exchange under the repurchase mandate (a) 383,307<br>4). As a % of number of issued shares (excluding treasury shares) as at the date of the resolution granting the repurchase mandate<br>(a) x 100 / number of issued shares (excluding treasury shares) as at the date of the resolution granting the repurchase mandate<br>0.151 %<br>5). Moratorium period for any issue of new shares, or sale or transfer of treasury shares after the share repurchase(s) set out in Part A<br>(Note 2)<br>Up to 01 August 2026 |
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FF305<br>Page 8 of 9 v 1.3.0<br>We hereby confirm that the repurchases made on another stock exchange set out in Part A above were made in accordance with the Main Board Rules and that there have been no material<br>changes to the particulars contained in the Explanatory Statement dated June 8, 2026, which has been filed with the Exchange. We also confirm that any repurchases made on another stock<br>exchange set out in Part A above were made in accordance with the domestic rules applying to repurchases on that other stock exchange.<br>Notes to Section II:<br>1. Please state whether the repurchase was made on the Exchange, on another stock exchange (stating the name of the exchange), by private arrangement or by general offer.<br>2. Subject to the carve-out set out in Main Board Rule 10.06(3)(a)/ GEM Rule 13.12, an issuer may not (i) make a new issue of shares, or a sale or transfer of any treasury shares; or (ii)<br>announce a proposed new issue of shares, or a sale or transfer of any treasury shares, for a period of 30 days after any purchase by it of shares, whether on the Exchange or otherwise,<br>without the prior approval of the Exchange. |
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FF305<br>Page 9 of 9 v 1.3.0<br>Section III must also be completed by a listed issuer where it has made a sale of treasury shares on the Exchange or any other stock exchange on which the issuer is listed which is discloseable<br>under Main Board Rule 10.06B / GEM Rule 13.14B.<br>Report of on-market sale of treasury shares Not applicable<br>Submitted by: Lau Yee Wa<br>(Name)<br>Title: Company Secretary<br>(Director, Secretary or other Duly Authorised Officer) |
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Exhibit 99.2
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FF301<br>Page 1 of 11 v 1.2.1<br>Monthly Return for Equity Issuer and Hong Kong Depositary Receipts listed under Chapter 19B of the Exchange Listing Rules on Movements in<br>Securities<br>For the month ended: 30 June 2026 Status: New Submission<br>To : Hong Kong Exchanges and Clearing Limited<br>Name of Issuer: Zhihu Inc.<br>Date Submitted: 06 July 2026<br>I. Movements in Authorised / Registered Share Capital<br>1. Class of shares WVR ordinary shares Type of shares A Listed on the Exchange (Note 1) Yes<br>Stock code (if listed) 02390 Description<br>Number of authorised/registered shares Par value Authorised/registered share capital<br>Balance at close of preceding month 1,550,000,000 USD 0.000125 USD 193,750<br>Increase / decrease (-) 0 USD<br>Balance at close of the month 1,550,000,000 USD 0.000125 USD 193,750<br>2. Class of shares WVR ordinary shares Type of shares B Listed on the Exchange (Note 1) No<br>Stock code (if listed) N/A Description<br>Number of authorised/registered shares Par value Authorised/registered share capital<br>Balance at close of preceding month 50,000,000 USD 0.000125 USD 6,250<br>Increase / decrease (-) 0 USD<br>Balance at close of the month 50,000,000 USD 0.000125 USD 6,250<br>Total authorised/registered share capital at the end of the month: USD 200,000 |
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FF301<br>Page 2 of 11 v 1.2.1<br>II. Movements in Issued Shares and/or Treasury Shares and Public Float Sufficiency Confirmation<br>1. Class of shares WVR ordinary shares Type of shares A Listed on the Exchange (Note 1) Yes<br>Stock code (if listed) 02390 Description<br>Number of issued shares<br>(excluding treasury shares) Number of treasury shares Total number of issued shares<br>Balance at close of preceding month 250,907,515 0 250,907,515<br>Increase / decrease (-) 0 0<br>Balance at close of the month 250,907,515 0 250,907,515<br>Public float sufficiency confirmation (Note 4)<br>Pursuant to Main Board Rule 13.32D(1) or 19A.28D(1) / GEM Rule 17.37D(1) or 25.21D(1), we hereby confirm that, in relation to the class of shares as set out above, as at the close of the<br>month:<br> ✔ the applicable public float requirement (see below) has been complied with<br>the applicable public float requirement (see below) has not been complied with<br>The applicable minimum public float requirement for the class of shares as set out above pursuant to Main Board Rule 13.32B or 19A.28B / GEM Rule 17.37B or 25.21B (as the case may be) is:<br>Applicable public float threshold Initial Prescribed Threshold - 25% of the total number of issued shares in the class to which the listed shares belong<br>(excluding treasury shares)<br>Additional information<br>2. Class of shares WVR ordinary shares Type of shares B Listed on the Exchange (Note 1) No<br>Stock code (if listed) N/A Description<br>Number of issued shares<br>(excluding treasury shares) Number of treasury shares Total number of issued shares<br>Balance at close of preceding month 15,233,755 0 15,233,755<br>Increase / decrease (-) 0 0<br>Balance at close of the month 15,233,755 0 15,233,755<br>Remarks:<br>Opening and closing balances of Class A ordinary shares shown above are of the Class A ordinary shares issued as fully paid or credited to be fully paid. Opening and closing balances of Class<br>A ordinary shares that are issued and outstanding (i.e. exclusive of the Class A ordinary shares issued to the Depositary for bulk issuance of ADSs reserved for future issuances upon the |
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FF301<br>Page 3 of 11 v 1.2.1<br>exercise or vesting of awards granted under the Share Incentive Plans ("Bulk Issuance Shares")) are 245,733,181 and 246,128,191 respectively. |
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FF301<br>Page 4 of 11 v 1.2.1<br>III. Details of Movements in Issued Shares and/or Treasury Shares<br>(A). Share Options (under Share Option Schemes of the Issuer)<br>1. Class of shares WVR ordinary shares Type of shares A Listed on the Exchange (Note 1) Yes<br>Stock code (if listed) 02390 Description<br>Particulars of share option scheme<br>Number of share<br>options outstanding at<br>close of preceding<br>month<br>Movement during the month<br>Number of share<br>options outstanding at<br>close of the month<br>Number of new shares<br>issued during the month<br>pursuant thereto (A1)<br>Number of treasury<br>shares transferred out of<br>treasury during the<br>month pursuant thereto<br>(A2)<br>Number of shares which<br>may be issued or<br>transferred out of<br>treasury pursuant<br>thereto as at close of<br>the month<br>The total number of<br>shares which may be<br>issued or transferred out<br>of treasury upon<br>exercise of all share<br>options to be granted<br>under the scheme at<br>close of the month<br>1). 2012 Plan (Share incentive plan<br>adopted in June 2012 as<br>amended from time to time)<br>675,682 675,682 675,682 0<br>General Meeting approval date (if applicable)<br>2). 2022 Plan (Share incentive plan<br>adopted on March 30, 2022, as<br>amended and restated on June<br>30, 2026)<br>0 0 0 0 0 13,042,731<br>General Meeting approval date (if applicable) 30 June 2026<br>Increase in issued shares (excluding treasury shares): 0 WVR ordinary shares A (AA1)<br>Decrease in treasury shares: 0 WVR ordinary shares A (AA2)<br>Total funds raised during the month from exercise of options: USD 0 |
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FF301<br>Page 5 of 11 v 1.2.1<br>(B). Warrants to Issue Shares of the Issuer Not applicable |
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FF301<br>Page 6 of 11 v 1.2.1<br>(C). Convertibles (i.e. Convertible into Shares of the Issuer) Not applicable |
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FF301<br>Page 7 of 11 v 1.2.1<br>(D). Any other Agreements or Arrangements to Issue Shares of the Issuer, including Options (other than Share Option Schemes)<br>1. Class of shares WVR ordinary shares Type of shares A Listed on the Exchange (Note 1) Yes<br>Stock code (if listed) 02390 Description<br>Description of other agreements or arrangements<br>General Meeting<br>approval date<br>(if applicable)<br>Number of new shares issued during<br>the month pursuant thereto (D1)<br>Number of treasury shares transferred<br>out of treasury during the month<br>pursuant thereto (D2)<br>Number of shares which may be issued<br>or transferred out of treasury pursuant<br>thereto as at close of the month<br>1). 2012 Plan - Restricted Shares (Share incentive plan adopted in June 2012 as amended from time to<br>time) 0 0 0<br>2). 2022 Plan - Restricted Share Unit (Share incentive plan adopted on March 30, 2022, as amended<br>and restated on June 30, 2026) 30 June 2026 0 0 9,311,032<br>Increase in issued shares (excluding treasury shares): 0 WVR ordinary shares A (DD1)<br>Decrease in treasury shares: 0 WVR ordinary shares A (DD2)<br>Remarks:<br>As of 30 June 2026, 9,311,032 shares of the issuer may be issued pursuant to the restricted share units granted under 2022 Plan.<br>304,908 restricted share units granted under 2022 Plan were forfeited during the month. |
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FF301<br>Page 8 of 11 v 1.2.1<br>(E). Other Movements in Issued Shares and/or Treasury Shares<br>1. Class of shares WVR ordinary shares Type of shares A Listed on the Exchange (Note 1) Yes<br>Stock code (if listed) 02390 Description<br>Events<br>At price (if applicable)<br>Currency Amount<br>Date of event<br>(Note 2)<br>General Meeting<br>approval date<br>(if applicable)<br>Increase/ decrease (-) in issued<br>shares (excluding treasury<br>shares) during the month<br>pursuant thereto (E1)<br>Increase/ decrease (-) in<br>treasury shares during the<br>month pursuant thereto (E2)<br>Number of shares redeemed or<br>repurchased for cancellation but<br>not yet cancelled as at close of<br>the month (Note 3)<br>1). Repurchase of shares (shares repurchased for cancellation<br>but not yet cancelled) 25 June 2025 -6,349,356<br>2). Repurchase of shares (shares repurchased for cancellation<br>but not yet cancelled) 30 June 2026 -139,809<br>Increase/ decrease (-) in issued shares (excluding treasury shares): WVR ordinary shares A (EE1)<br>Increase/ decrease (-) in treasury shares: WVR ordinary shares A (EE2)<br>Remarks:<br>Class A: 1) Repurchases of a total of 6,349,356 Class A ordinary shares represented by ADSs were made on April 1 to 2, 6 to 10, 13 to 17 and 20 to 22, 2026 and June 5, 8 to 12, 15 to 18, 22 to<br>26 and 29, 2026 on New York Stock Exchange, but such shares are not yet cancelled as at 30 June 2026.<br>Class A: 2) Repurchases of a total of 139,809 Class A ordinary shares represented by ADSs were made on June 30, 2026 on New York Stock Exchange, but such shares are not yet cancelled as<br>at 30 June 2026.<br>Total increase/ decrease (-) in issued shares (excluding treasury shares) during the month (i.e. Total of AA1 to EE1): 0 WVR ordinary shares A<br>Total increase/ decrease (-) in treasury shares during the month (i.e. Total of AA2 to EE2): 0 WVR ordinary shares A |
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FF301<br>Page 9 of 11 v 1.2.1<br>IV. Information about Hong Kong Depositary Receipt (HDR) Not applicable |
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FF301<br>Page 10 of 11 v 1.2.1<br>V. Confirmations<br>Pursuant to Main Board Rule 13.25C / GEM Rule 17.27C, we hereby confirm to the best knowledge, information and belief that, in relation to each of the securities issued, or the treasury shares<br>sold or transferred by the issuer during the month as set out in Parts III and IV which has not been previously disclosed in a return published under Main Board Rule 13.25A / GEM Rule 17.27A, it<br>has been duly authorised by the board of directors of the listed issuer and carried out in compliance with all applicable listing rules, laws and other regulatory requirements and, insofar as<br>applicable:<br>(Note 5)<br>(i) all money due to the listed issuer in respect of the issue of securities, or sale or transfer of treasury shares has been received by it;<br>(ii) all pre-conditions for listing imposed by the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited under "Qualifications of listing" have been fulfilled;<br>(iii) all (if any) conditions contained in the formal letter granting listing of and permission to deal in the securities have been fulfilled;<br>(iv) all the securities of each class are in all respects identical (Note 6);<br>(v) all documents required by the Companies (Winding Up and Miscellaneous Provisions) Ordinance to be filed with the Registrar of Companies have been duly filed and that compliance has<br> been made with all other legal requirements;<br>(vi) all the definitive documents of title have been delivered/are ready to be delivered/are being prepared and will be delivered in accordance with the terms of issue, sale or transfer;<br>(vii) completion has taken place of the purchase by the issuer of all property shown in the listing document to have been purchased or agreed to be purchased by it and the purchase<br> consideration for all such property has been duly satisfied; and<br>(viii) the trust deed/deed poll relating to the debenture, loan stock, notes or bonds has been completed and executed, and particulars thereof, if so required by law, have been filed with the<br> Registrar of Companies.<br>Submitted by: Lau Yee Wa<br>Title: Company Secretary<br>(Director, Secretary or other Duly Authorised Officer) |
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FF301<br>Page 11 of 11 v 1.2.1<br>Notes<br>1. The Exchange refers to The Stock Exchange of Hong Kong Limited.<br>2. In the case of repurchase of shares (shares repurchased and cancelled) and redemption of shares (shares redeemed and cancelled), "date of event" should be construed as<br>"cancellation date".<br>In the case of repurchase of shares (shares held as treasury shares), "date of event" should be construed as "date on which shares were repurchased and held by the issuer in<br>treasury".<br>3. The information is required in the case of repurchase of shares (shares repurchased for cancellation but not yet cancelled) and redemption of shares (shares redeemed but not yet<br>cancelled). Please state the number of shares repurchased or redeemed during the month or in preceding month(s) but pending cancellation as at close of the month as a negative<br>number.<br>4. "Initial Prescribed Threshold”, "Alternative Threshold” and "market value" have the meanings ascribed thereto under Main Board Rule 13.32A or 19A.28A / GEM Rule 17.37A or<br>25.21A. See also Main Board Rule 13.32D(4) or 19A.28D(4) / GEM Rule 17.37D(4) or 25.21D(4) on the basis of the public float disclosure.<br>5. Items (i) to (viii) are suggested forms of confirmation. The listed issuer may amend the item(s) that is/are not applicable to meet individual cases. Where the issuer has already<br>made the relevant confirmations in a return published under Main Board Rule 13.25A / GEM Rule 17.27A in relation to the securities issued, or the treasury shares sold or<br>transferred, no further confirmation is required to be made in this return.<br>6. “Identical” means in this context:<br> ． the securities are of the same nominal value with the same amount called up or paid up;<br> ． they are entitled to dividend/interest at the same rate and for the same period, so that at the next ensuing distribution, the dividend/interest payable per unit will amount to<br>exactly the same sum (gross and net); and<br> ． they carry the same rights as to unrestricted transfer, attendance and voting at meetings and rank pari passu in all other respects. |
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Exhibit 99.3
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FF305<br>Page 1 of 9 v 1.3.0<br>Next Day Disclosure Return<br>(Equity issuer - changes in issued shares or treasury shares, share buybacks and/or on-market sales of treasury shares)<br>Instrument: Equity issuer Status: New Submission<br>Name of Issuer: Zhihu Inc.<br>Date Submitted: 07 July 2026<br>Section I must be completed by a listed issuer where there has been a change in its issued shares or treasury shares which is discloseable pursuant to rule 13.25A of the Rules Governing the<br>Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Exchange”) (the “Main Board Rules”) or rule 17.27A of the Rules Governing the Listing of Securities on GEM of the<br>Exchange (the “GEM Rules”).<br>Section I<br>1. Class of shares WVR ordinary shares Type of shares A Listed on the Exchange Yes<br>Stock code (if listed) 02390 Description<br>A. Changes in issued shares or treasury shares<br>Events<br>Changes in issued shares<br>(excluding treasury shares)<br>Number of issued<br>shares (excluding<br>treasury shares)<br>As a % of existing<br>number of issued<br>shares (excluding<br>treasury shares) before<br>the relevant event<br>(Note 3)<br>Changes in treasury<br>shares<br>Number of treasury<br>shares<br>Issue/ selling price per<br>share (Note 4)<br>Total number of issued<br>shares<br>Opening balance as at (Note 1) 02 July 2026 250,907,515 0 250,907,515<br>1). Other (please specify)<br>See Part B<br>Date of changes 06 July 2026<br>%<br>Closing balance as at (Notes 5 and 6) 06 July 2026 250,907,515 0 250,907,515 |
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FF305<br>Page 2 of 9 v 1.3.0<br>B. Shares redeemed or repurchased for cancellation but not yet cancelled as at the closing balance date (Notes 5 and 6)<br>1). Shares repurchased for cancellation but not yet canceled<br>Date of changes 01 April 2026<br>328,488 0.122 % USD 0.9366<br>2). Shares repurchased for cancellation but not yet canceled<br>Date of changes 02 April 2026<br>169,593 0.063 % USD 0.9938<br>3). Shares repurchased for cancellation but not yet canceled<br>Date of changes 06 April 2026<br>391,761 0.145 % USD 1.0333<br>4). Shares repurchased for cancellation but not yet canceled<br>Date of changes 07 April 2026<br>391,134 0.145 % USD 1.0268<br>5). Shares repurchased for cancellation but not yet canceled<br>Date of changes 08 April 2026<br>279,687 0.104 % USD 1.0802<br>6). Shares repurchased for cancellation but not yet canceled<br>Date of changes 09 April 2026<br>221,358 0.082 % USD 1.0885<br>7). Shares repurchased for cancellation but not yet canceled<br>Date of changes 10 April 2026<br>365,856 0.136 % USD 1.0915<br>8). Shares repurchased for cancellation but not yet canceled<br>Date of changes 13 April 2026<br>341,901 0.127 % USD 1.0864<br>9). Shares repurchased for cancellation but not yet canceled<br>Date of changes 14 April 2026<br>347,052 0.129 % USD 1.136<br>10). Shares repurchased for cancellation but not yet canceled<br>Date of changes 15 April 2026<br>230,343 0.085 % USD 1.179<br>11). Shares repurchased for cancellation but not yet canceled<br>Date of changes 16 April 2026<br>366,780 0.136 % USD 1.2245 |
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FF305<br>Page 3 of 9 v 1.3.0<br>12). Shares repurchased for cancellation but not yet canceled<br>Date of changes 17 April 2026<br>422,766 0.157 % USD 1.2768<br>13). Shares repurchased for cancellation but not yet canceled<br>Date of changes 20 April 2026<br>394,065 0.146 % USD 1.2564<br>14). Shares repurchased for cancellation but not yet canceled<br>Date of changes 21 April 2026<br>368,010 0.136 % USD 1.2124<br>15). Shares repurchased for cancellation but not yet canceled<br>Date of changes 22 April 2026<br>361,530 0.134 % USD 1.242<br>16). Shares repurchased for cancellation but not yet canceled<br>Date of changes 05 June 2026<br>111,630 0.042 % USD 1.0357<br>17). Shares repurchased for cancellation but not yet canceled<br>Date of changes 08 June 2026<br>123,270 0.046 % USD 1.0798<br>18). Shares repurchased for cancellation but not yet canceled<br>Date of changes 09 June 2026<br>125,646 0.047 % USD 1.0525<br>19). Shares repurchased for cancellation but not yet canceled<br>Date of changes 10 June 2026<br>89,463 0.034 % USD 1.0666<br>20). Shares repurchased for cancellation but not yet canceled<br>Date of changes 11 June 2026<br>81,639 0.031 % USD 1.0545<br>21). Shares repurchased for cancellation but not yet canceled<br>Date of changes 12 June 2026<br>58,401 0.022 % USD 1.0604<br>22). Shares repurchased for cancellation but not yet canceled<br>Date of changes 15 June 2026<br>29,277 0.011 % USD 1.0722<br>23). Shares repurchased for cancellation but not yet canceled<br>Date of changes 16 June 2026<br>104,325 0.039 % USD 1.06 |
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FF305<br>Page 4 of 9 v 1.3.0<br>24). Shares repurchased for cancellation but not yet canceled<br>Date of changes 17 June 2026<br>113,886 0.043 % USD 1.0473<br>25). Shares repurchased for cancellation but not yet canceled<br>Date of changes 18 June 2026<br>105,207 0.04 % USD 1.0454<br>26). Shares repurchased for cancellation but not yet canceled<br>Date of changes 22 June 2026<br>75,387 0.028 % USD 1.0284<br>27). Shares repurchased for cancellation but not yet canceled<br>Date of changes 23 June 2026<br>102,600 0.039 % USD 1.0332<br>28). Shares repurchased for cancellation but not yet canceled<br>Date of changes 24 June 2026<br>107,457 0.04 % USD 1.0218<br>29). Shares repurchased for cancellation but not yet canceled<br>Date of changes 25 June 2026<br>122,250 0.046 % USD 0.9925<br>30). Shares repurchased for cancellation but not yet canceled<br>Date of changes 26 June 2026<br>5,100 0.002 % USD 0.9833<br>31). Shares repurchased for cancellation but not yet canceled<br>Date of changes 29 June 2026<br>13,494 0.005 % USD 1.0331<br>32). Shares repurchased for cancellation but not yet canceled<br>Date of changes 30 June 2026<br>139,809 0.053 % USD 1.0519<br>33). Shares repurchased for cancellation but not yet canceled<br>Date of changes 01 July 2026<br>108,498 0.041 % USD 1.058<br>34). Shares repurchased for cancellation but not yet canceled<br>Date of changes 02 July 2026<br>135,000 0.051 % USD 1.0484<br>35). Shares repurchased for cancellation but not yet canceled<br>Date of changes 06 July 2026<br>113,208 0.043 % USD 1.0608 |
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FF305<br>Page 5 of 9 v 1.3.0<br>Remarks: 37,736 ADS were repurchased on the New York Stock Exchange on July 6, 2026 (U.S. time) at US$3.1824 per ADS. Each ADS represents three class A ordinary<br>shares.<br>The percentage as stated in the above "Changes in issued shares (excluding treasury shares) as a % of existing number of issued shares (excluding treasury shares)<br>before the relevant event" column was calculated based on the Company's issued shares of 266,141,270 (comprising 250,907,515 Class A ordinary shares and<br>15,233,755 Class B ordinary shares). |
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FF305<br>Page 6 of 9 v 1.3.0<br>Confirmation Not applicable<br>Notes to Section I:<br>1. Please insert the closing balance date of the last Next Day Disclosure Return published pursuant to Main Board Rule 13.25A / GEM Rule 17.27A or Monthly Return pursuant to Main<br>Board Rule 13.25B / GEM Rule 17.27B, whichever is the later.<br>2. Please set out all changes in issued shares or treasury shares requiring disclosure pursuant to Main Board Rule 13.25A / GEM Rule 17.27A together with the relevant dates of<br>changes. Each category will need to be disclosed individually with sufficient information to enable the user to identify the relevant category in the listed issuer's Monthly Return. For<br>example, multiple issues of shares as a result of multiple exercises of share options under the same share option scheme or of multiple conversions under the same convertible note<br>must be aggregated and disclosed as one category. However, if the issues resulted from exercises of share options under 2 share option schemes or conversions of 2 convertible<br>notes, these must be disclosed as 2 separate categories.<br>3. The percentage change in the number of issued shares (excluding treasury shares) of the listed issuer is to be calculated by reference to the opening balance of the number of issued<br>shares (excluding treasury shares) being disclosed in this Next Day Disclosure Return.<br>4. In the case of a share repurchase or redemption, the “issue/ selling price per share” shall be construed as “repurchase price per share” or “redemption price per share”.<br>Where shares have been issued/ sold/ repurchased/ redeemed at more than one price per share, a volume-weighted average price per share should be given.<br>5. The closing balance date is the date of the last relevant event being disclosed.<br>6. For repurchase or redemption of shares, disclosure is required when the relevant event has occurred (subject to the provisions of Main Board Rules 10.06(4)(a), 13.25A and 13.31 /<br>GEM Rules 13.13(1), 17.27A and 17.35), even if the repurchased or redeemed shares have not yet been cancelled.<br>If repurchased or redeemed shares are to be cancelled upon settlement of such repurchase or redemption after the closing balance date, they shall remain part of the issued shares as<br>at the closing balance date in Part A. Details of these repurchased or redeemed shares shall be disclosed in Part B.<br>7. Items (i) to (viii) are suggested forms of confirmation. The listed issuer may amend the item(s) that is/are not applicable to meet individual cases.<br>8. “Identical” means in this context:<br>- the securities are of the same nominal value with the same amount called up or paid up;<br>- they are entitled to dividend/interest at the same rate and for the same period, so that at the next ensuing distribution, the dividend/interest payable per unit will amount to<br>exactly the same sum (gross and net); and<br>- they carry the same rights as to unrestricted transfer, attendance and voting at meetings and rank pari passu in all other respects. |
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FF305<br>Page 7 of 9 v 1.3.0<br>Section II must also be completed by a listed issuer where it has made a repurchase of shares which is discloseable under Main Board Rule 10.06(4)(a) / GEM Rule 13.13(1).<br>Repurchase report<br>Section II<br>1. Class of shares WVR ordinary shares Type of shares A Listed on the Exchange Yes<br>Stock code (if listed) 02390 Description<br>A. Repurchase report<br>Trading date Number of shares<br>repurchased<br>Method of repurchase<br>(Note 1)<br>Repurchase price per share or<br>highest repurchase price per<br>share $<br>Lowest repurchase<br>price per share $ Aggregate price paid $<br>1). 06 July 2026 113,208 On another stock exchange<br>New York Stock Exchange<br>USD 1.07 USD 1.0483 USD 120,090.41<br>Total number of shares<br>repurchased 113,208 Aggregate price paid $ USD 120,090.41<br>Number of shares<br>repurchased for<br>cancellation<br>113,208<br>Number of shares<br>repurchased for holding<br>as treasury shares<br>0<br>B. Additional information for issuer who has a primary listing on the Exchange<br>1). Date of the resolution granting the repurchase mandate 30 June 2026<br>2). Total number of shares which the issuer is authorised to repurchase under the repurchase mandate 25,461,758<br>3). Number of shares repurchased on the Exchange or another stock exchange under the repurchase mandate (a) 496,515<br>4). As a % of number of issued shares (excluding treasury shares) as at the date of the resolution granting the repurchase mandate<br>(a) x 100 / number of issued shares (excluding treasury shares) as at the date of the resolution granting the repurchase mandate<br>0.195 %<br>5). Moratorium period for any issue of new shares, or sale or transfer of treasury shares after the share repurchase(s) set out in Part A<br>(Note 2)<br>Up to 05 August 2026 |
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FF305<br>Page 8 of 9 v 1.3.0<br>We hereby confirm that the repurchases made on another stock exchange set out in Part A above were made in accordance with the Main Board Rules and that there have been no material<br>changes to the particulars contained in the Explanatory Statement dated June 8, 2026, which has been filed with the Exchange. We also confirm that any repurchases made on another stock<br>exchange set out in Part A above were made in accordance with the domestic rules applying to repurchases on that other stock exchange.<br>Notes to Section II:<br>1. Please state whether the repurchase was made on the Exchange, on another stock exchange (stating the name of the exchange), by private arrangement or by general offer.<br>2. Subject to the carve-out set out in Main Board Rule 10.06(3)(a)/ GEM Rule 13.12, an issuer may not (i) make a new issue of shares, or a sale or transfer of any treasury shares; or (ii)<br>announce a proposed new issue of shares, or a sale or transfer of any treasury shares, for a period of 30 days after any purchase by it of shares, whether on the Exchange or otherwise,<br>without the prior approval of the Exchange. |
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FF305<br>Page 9 of 9 v 1.3.0<br>Section III must also be completed by a listed issuer where it has made a sale of treasury shares on the Exchange or any other stock exchange on which the issuer is listed which is discloseable<br>under Main Board Rule 10.06B / GEM Rule 13.14B.<br>Report of on-market sale of treasury shares Not applicable<br>Submitted by: Lau Yee Wa<br>(Name)<br>Title: Company Secretary<br>(Director, Secretary or other Duly Authorised Officer) |
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Exhibit 99.4
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FF305<br>Page 1 of 9 v 1.3.0<br>Next Day Disclosure Return<br>(Equity issuer - changes in issued shares or treasury shares, share buybacks and/or on-market sales of treasury shares)<br>Instrument: Equity issuer Status: New Submission<br>Name of Issuer: Zhihu Inc.<br>Date Submitted: 08 July 2026<br>Section I must be completed by a listed issuer where there has been a change in its issued shares or treasury shares which is discloseable pursuant to rule 13.25A of the Rules Governing the<br>Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Exchange”) (the “Main Board Rules”) or rule 17.27A of the Rules Governing the Listing of Securities on GEM of the<br>Exchange (the “GEM Rules”).<br>Section I<br>1. Class of shares WVR ordinary shares Type of shares A Listed on the Exchange Yes<br>Stock code (if listed) 02390 Description<br>A. Changes in issued shares or treasury shares<br>Events<br>Changes in issued shares<br>(excluding treasury shares)<br>Number of issued<br>shares (excluding<br>treasury shares)<br>As a % of existing<br>number of issued<br>shares (excluding<br>treasury shares) before<br>the relevant event<br>(Note 3)<br>Changes in treasury<br>shares<br>Number of treasury<br>shares<br>Issue/ selling price per<br>share (Note 4)<br>Total number of issued<br>shares<br>Opening balance as at (Note 1) 06 July 2026 250,907,515 0 250,907,515<br>1). Other (please specify)<br>See Part B<br>Date of changes 07 July 2026<br>%<br>Closing balance as at (Notes 5 and 6) 07 July 2026 250,907,515 0 250,907,515 |
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FF305<br>Page 2 of 9 v 1.3.0<br>B. Shares redeemed or repurchased for cancellation but not yet cancelled as at the closing balance date (Notes 5 and 6)<br>1). Shares repurchased for cancellation but not yet canceled<br>Date of changes 01 April 2026<br>328,488 0.122 % USD 0.9366<br>2). Shares repurchased for cancellation but not yet canceled<br>Date of changes 02 April 2026<br>169,593 0.063 % USD 0.9938<br>3). Shares repurchased for cancellation but not yet canceled<br>Date of changes 06 April 2026<br>391,761 0.145 % USD 1.0333<br>4). Shares repurchased for cancellation but not yet canceled<br>Date of changes 07 April 2026<br>391,134 0.145 % USD 1.0268<br>5). Shares repurchased for cancellation but not yet canceled<br>Date of changes 08 April 2026<br>279,687 0.104 % USD 1.0802<br>6). Shares repurchased for cancellation but not yet canceled<br>Date of changes 09 April 2026<br>221,358 0.082 % USD 1.0885<br>7). Shares repurchased for cancellation but not yet canceled<br>Date of changes 10 April 2026<br>365,856 0.136 % USD 1.0915<br>8). Shares repurchased for cancellation but not yet canceled<br>Date of changes 13 April 2026<br>341,901 0.127 % USD 1.0864<br>9). Shares repurchased for cancellation but not yet canceled<br>Date of changes 14 April 2026<br>347,052 0.129 % USD 1.136<br>10). Shares repurchased for cancellation but not yet canceled<br>Date of changes 15 April 2026<br>230,343 0.085 % USD 1.179<br>11). Shares repurchased for cancellation but not yet canceled<br>Date of changes 16 April 2026<br>366,780 0.136 % USD 1.2245 |
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FF305<br>Page 3 of 9 v 1.3.0<br>12). Shares repurchased for cancellation but not yet canceled<br>Date of changes 17 April 2026<br>422,766 0.157 % USD 1.2768<br>13). Shares repurchased for cancellation but not yet canceled<br>Date of changes 20 April 2026<br>394,065 0.146 % USD 1.2564<br>14). Shares repurchased for cancellation but not yet canceled<br>Date of changes 21 April 2026<br>368,010 0.136 % USD 1.2124<br>15). Shares repurchased for cancellation but not yet canceled<br>Date of changes 22 April 2026<br>361,530 0.134 % USD 1.242<br>16). Shares repurchased for cancellation but not yet canceled<br>Date of changes 05 June 2026<br>111,630 0.042 % USD 1.0357<br>17). Shares repurchased for cancellation but not yet canceled<br>Date of changes 08 June 2026<br>123,270 0.046 % USD 1.0798<br>18). Shares repurchased for cancellation but not yet canceled<br>Date of changes 09 June 2026<br>125,646 0.047 % USD 1.0525<br>19). Shares repurchased for cancellation but not yet canceled<br>Date of changes 10 June 2026<br>89,463 0.034 % USD 1.0666<br>20). Shares repurchased for cancellation but not yet canceled<br>Date of changes 11 June 2026<br>81,639 0.031 % USD 1.0545<br>21). Shares repurchased for cancellation but not yet canceled<br>Date of changes 12 June 2026<br>58,401 0.022 % USD 1.0604<br>22). Shares repurchased for cancellation but not yet canceled<br>Date of changes 15 June 2026<br>29,277 0.011 % USD 1.0722<br>23). Shares repurchased for cancellation but not yet canceled<br>Date of changes 16 June 2026<br>104,325 0.039 % USD 1.06 |
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FF305<br>Page 4 of 9 v 1.3.0<br>24). Shares repurchased for cancellation but not yet canceled<br>Date of changes 17 June 2026<br>113,886 0.043 % USD 1.0473<br>25). Shares repurchased for cancellation but not yet canceled<br>Date of changes 18 June 2026<br>105,207 0.04 % USD 1.0454<br>26). Shares repurchased for cancellation but not yet canceled<br>Date of changes 22 June 2026<br>75,387 0.028 % USD 1.0284<br>27). Shares repurchased for cancellation but not yet canceled<br>Date of changes 23 June 2026<br>102,600 0.039 % USD 1.0332<br>28). Shares repurchased for cancellation but not yet canceled<br>Date of changes 24 June 2026<br>107,457 0.04 % USD 1.0218<br>29). Shares repurchased for cancellation but not yet canceled<br>Date of changes 25 June 2026<br>122,250 0.046 % USD 0.9925<br>30). Shares repurchased for cancellation but not yet canceled<br>Date of changes 26 June 2026<br>5,100 0.002 % USD 0.9833<br>31). Shares repurchased for cancellation but not yet canceled<br>Date of changes 29 June 2026<br>13,494 0.005 % USD 1.0331<br>32). Shares repurchased for cancellation but not yet canceled<br>Date of changes 30 June 2026<br>139,809 0.053 % USD 1.0519<br>33). Shares repurchased for cancellation but not yet canceled<br>Date of changes 01 July 2026<br>108,498 0.041 % USD 1.058<br>34). Shares repurchased for cancellation but not yet canceled<br>Date of changes 02 July 2026<br>135,000 0.051 % USD 1.0484<br>35). Shares repurchased for cancellation but not yet canceled<br>Date of changes 06 July 2026<br>113,208 0.043 % USD 1.0608 |
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FF305<br>Page 5 of 9 v 1.3.0<br>36). Shares repurchased for cancellation but not yet canceled<br>Date of changes 07 July 2026<br>100,641 0.038 % USD 1.0811<br>Remarks: 33,547 ADS were repurchased on the New York Stock Exchange on July 7, 2026 (U.S. time) at US$3.2432 per ADS. Each ADS represents three class A ordinary<br>shares.<br>The percentage as stated in the above "Changes in issued shares (excluding treasury shares) as a % of existing number of issued shares (excluding treasury shares)<br>before the relevant event" column was calculated based on the Company's issued shares of 266,141,270 (comprising 250,907,515 Class A ordinary shares and<br>15,233,755 Class B ordinary shares). |
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FF305<br>Page 6 of 9 v 1.3.0<br>Confirmation Not applicable<br>Notes to Section I:<br>1. Please insert the closing balance date of the last Next Day Disclosure Return published pursuant to Main Board Rule 13.25A / GEM Rule 17.27A or Monthly Return pursuant to Main<br>Board Rule 13.25B / GEM Rule 17.27B, whichever is the later.<br>2. Please set out all changes in issued shares or treasury shares requiring disclosure pursuant to Main Board Rule 13.25A / GEM Rule 17.27A together with the relevant dates of<br>changes. Each category will need to be disclosed individually with sufficient information to enable the user to identify the relevant category in the listed issuer's Monthly Return. For<br>example, multiple issues of shares as a result of multiple exercises of share options under the same share option scheme or of multiple conversions under the same convertible note<br>must be aggregated and disclosed as one category. However, if the issues resulted from exercises of share options under 2 share option schemes or conversions of 2 convertible<br>notes, these must be disclosed as 2 separate categories.<br>3. The percentage change in the number of issued shares (excluding treasury shares) of the listed issuer is to be calculated by reference to the opening balance of the number of issued<br>shares (excluding treasury shares) being disclosed in this Next Day Disclosure Return.<br>4. In the case of a share repurchase or redemption, the “issue/ selling price per share” shall be construed as “repurchase price per share” or “redemption price per share”.<br>Where shares have been issued/ sold/ repurchased/ redeemed at more than one price per share, a volume-weighted average price per share should be given.<br>5. The closing balance date is the date of the last relevant event being disclosed.<br>6. For repurchase or redemption of shares, disclosure is required when the relevant event has occurred (subject to the provisions of Main Board Rules 10.06(4)(a), 13.25A and 13.31 /<br>GEM Rules 13.13(1), 17.27A and 17.35), even if the repurchased or redeemed shares have not yet been cancelled.<br>If repurchased or redeemed shares are to be cancelled upon settlement of such repurchase or redemption after the closing balance date, they shall remain part of the issued shares as<br>at the closing balance date in Part A. Details of these repurchased or redeemed shares shall be disclosed in Part B.<br>7. Items (i) to (viii) are suggested forms of confirmation. The listed issuer may amend the item(s) that is/are not applicable to meet individual cases.<br>8. “Identical” means in this context:<br>- the securities are of the same nominal value with the same amount called up or paid up;<br>- they are entitled to dividend/interest at the same rate and for the same period, so that at the next ensuing distribution, the dividend/interest payable per unit will amount to<br>exactly the same sum (gross and net); and<br>- they carry the same rights as to unrestricted transfer, attendance and voting at meetings and rank pari passu in all other respects. |
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FF305<br>Page 7 of 9 v 1.3.0<br>Section II must also be completed by a listed issuer where it has made a repurchase of shares which is discloseable under Main Board Rule 10.06(4)(a) / GEM Rule 13.13(1).<br>Repurchase report<br>Section II<br>1. Class of shares WVR ordinary shares Type of shares A Listed on the Exchange Yes<br>Stock code (if listed) 02390 Description<br>A. Repurchase report<br>Trading date Number of shares<br>repurchased<br>Method of repurchase<br>(Note 1)<br>Repurchase price per share or<br>highest repurchase price per<br>share $<br>Lowest repurchase<br>price per share $ Aggregate price paid $<br>1). 07 July 2026 100,641 On another stock exchange<br>New York Stock Exchange<br>USD 1.0933 USD 1.07 USD 108,798.67<br>Total number of shares<br>repurchased 100,641 Aggregate price paid $ USD 108,798.67<br>Number of shares<br>repurchased for<br>cancellation<br>100,641<br>Number of shares<br>repurchased for holding<br>as treasury shares<br>0<br>B. Additional information for issuer who has a primary listing on the Exchange<br>1). Date of the resolution granting the repurchase mandate 30 June 2026<br>2). Total number of shares which the issuer is authorised to repurchase under the repurchase mandate 25,461,758<br>3). Number of shares repurchased on the Exchange or another stock exchange under the repurchase mandate (a) 597,156<br>4). As a % of number of issued shares (excluding treasury shares) as at the date of the resolution granting the repurchase mandate<br>(a) x 100 / number of issued shares (excluding treasury shares) as at the date of the resolution granting the repurchase mandate<br>0.235 %<br>5). Moratorium period for any issue of new shares, or sale or transfer of treasury shares after the share repurchase(s) set out in Part A<br>(Note 2)<br>Up to 06 August 2026 |
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FF305<br>Page 8 of 9 v 1.3.0<br>We hereby confirm that the repurchases made on another stock exchange set out in Part A above were made in accordance with the Main Board Rules and that there have been no material<br>changes to the particulars contained in the Explanatory Statement dated June 8, 2026, which has been filed with the Exchange. We also confirm that any repurchases made on another stock<br>exchange set out in Part A above were made in accordance with the domestic rules applying to repurchases on that other stock exchange.<br>Notes to Section II:<br>1. Please state whether the repurchase was made on the Exchange, on another stock exchange (stating the name of the exchange), by private arrangement or by general offer.<br>2. Subject to the carve-out set out in Main Board Rule 10.06(3)(a)/ GEM Rule 13.12, an issuer may not (i) make a new issue of shares, or a sale or transfer of any treasury shares; or (ii)<br>announce a proposed new issue of shares, or a sale or transfer of any treasury shares, for a period of 30 days after any purchase by it of shares, whether on the Exchange or otherwise,<br>without the prior approval of the Exchange. |
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FF305<br>Page 9 of 9 v 1.3.0<br>Section III must also be completed by a listed issuer where it has made a sale of treasury shares on the Exchange or any other stock exchange on which the issuer is listed which is discloseable<br>under Main Board Rule 10.06B / GEM Rule 13.14B.<br>Report of on-market sale of treasury shares Not applicable<br>Submitted by: Lau Yee Wa<br>(Name)<br>Title: Company Secretary<br>(Director, Secretary or other Duly Authorised Officer) |
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Exhibit 99.5
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FF305<br>Page 1 of 9 v 1.3.0<br>Next Day Disclosure Return<br>(Equity issuer - changes in issued shares or treasury shares, share buybacks and/or on-market sales of treasury shares)<br>Instrument: Equity issuer Status: New Submission<br>Name of Issuer: Zhihu Inc.<br>Date Submitted: 09 July 2026<br>Section I must be completed by a listed issuer where there has been a change in its issued shares or treasury shares which is discloseable pursuant to rule 13.25A of the Rules Governing the<br>Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Exchange”) (the “Main Board Rules”) or rule 17.27A of the Rules Governing the Listing of Securities on GEM of the<br>Exchange (the “GEM Rules”).<br>Section I<br>1. Class of shares WVR ordinary shares Type of shares A Listed on the Exchange Yes<br>Stock code (if listed) 02390 Description<br>A. Changes in issued shares or treasury shares<br>Events<br>Changes in issued shares<br>(excluding treasury shares)<br>Number of issued<br>shares (excluding<br>treasury shares)<br>As a % of existing<br>number of issued<br>shares (excluding<br>treasury shares) before<br>the relevant event<br>(Note 3)<br>Changes in treasury<br>shares<br>Number of treasury<br>shares<br>Issue/ selling price per<br>share (Note 4)<br>Total number of issued<br>shares<br>Opening balance as at (Note 1) 07 July 2026 250,907,515 0 250,907,515<br>1). Other (please specify)<br>See Part B<br>Date of changes 08 July 2026<br>%<br>Closing balance as at (Notes 5 and 6) 08 July 2026 250,907,515 0 250,907,515 |
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FF305<br>Page 2 of 9 v 1.3.0<br>B. Shares redeemed or repurchased for cancellation but not yet cancelled as at the closing balance date (Notes 5 and 6)<br>1). Shares repurchased for cancellation but not yet canceled<br>Date of changes 01 April 2026<br>328,488 0.122 % USD 0.9366<br>2). Shares repurchased for cancellation but not yet canceled<br>Date of changes 02 April 2026<br>169,593 0.063 % USD 0.9938<br>3). Shares repurchased for cancellation but not yet canceled<br>Date of changes 06 April 2026<br>391,761 0.145 % USD 1.0333<br>4). Shares repurchased for cancellation but not yet canceled<br>Date of changes 07 April 2026<br>391,134 0.145 % USD 1.0268<br>5). Shares repurchased for cancellation but not yet canceled<br>Date of changes 08 April 2026<br>279,687 0.104 % USD 1.0802<br>6). Shares repurchased for cancellation but not yet canceled<br>Date of changes 09 April 2026<br>221,358 0.082 % USD 1.0885<br>7). Shares repurchased for cancellation but not yet canceled<br>Date of changes 10 April 2026<br>365,856 0.136 % USD 1.0915<br>8). Shares repurchased for cancellation but not yet canceled<br>Date of changes 13 April 2026<br>341,901 0.127 % USD 1.0864<br>9). Shares repurchased for cancellation but not yet canceled<br>Date of changes 14 April 2026<br>347,052 0.129 % USD 1.136<br>10). Shares repurchased for cancellation but not yet canceled<br>Date of changes 15 April 2026<br>230,343 0.085 % USD 1.179<br>11). Shares repurchased for cancellation but not yet canceled<br>Date of changes 16 April 2026<br>366,780 0.136 % USD 1.2245 |
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FF305<br>Page 3 of 9 v 1.3.0<br>12). Shares repurchased for cancellation but not yet canceled<br>Date of changes 17 April 2026<br>422,766 0.157 % USD 1.2768<br>13). Shares repurchased for cancellation but not yet canceled<br>Date of changes 20 April 2026<br>394,065 0.146 % USD 1.2564<br>14). Shares repurchased for cancellation but not yet canceled<br>Date of changes 21 April 2026<br>368,010 0.136 % USD 1.2124<br>15). Shares repurchased for cancellation but not yet canceled<br>Date of changes 22 April 2026<br>361,530 0.134 % USD 1.242<br>16). Shares repurchased for cancellation but not yet canceled<br>Date of changes 05 June 2026<br>111,630 0.042 % USD 1.0357<br>17). Shares repurchased for cancellation but not yet canceled<br>Date of changes 08 June 2026<br>123,270 0.046 % USD 1.0798<br>18). Shares repurchased for cancellation but not yet canceled<br>Date of changes 09 June 2026<br>125,646 0.047 % USD 1.0525<br>19). Shares repurchased for cancellation but not yet canceled<br>Date of changes 10 June 2026<br>89,463 0.034 % USD 1.0666<br>20). Shares repurchased for cancellation but not yet canceled<br>Date of changes 11 June 2026<br>81,639 0.031 % USD 1.0545<br>21). Shares repurchased for cancellation but not yet canceled<br>Date of changes 12 June 2026<br>58,401 0.022 % USD 1.0604<br>22). Shares repurchased for cancellation but not yet canceled<br>Date of changes 15 June 2026<br>29,277 0.011 % USD 1.0722<br>23). Shares repurchased for cancellation but not yet canceled<br>Date of changes 16 June 2026<br>104,325 0.039 % USD 1.06 |
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FF305<br>Page 4 of 9 v 1.3.0<br>24). Shares repurchased for cancellation but not yet canceled<br>Date of changes 17 June 2026<br>113,886 0.043 % USD 1.0473<br>25). Shares repurchased for cancellation but not yet canceled<br>Date of changes 18 June 2026<br>105,207 0.04 % USD 1.0454<br>26). Shares repurchased for cancellation but not yet canceled<br>Date of changes 22 June 2026<br>75,387 0.028 % USD 1.0284<br>27). Shares repurchased for cancellation but not yet canceled<br>Date of changes 23 June 2026<br>102,600 0.039 % USD 1.0332<br>28). Shares repurchased for cancellation but not yet canceled<br>Date of changes 24 June 2026<br>107,457 0.04 % USD 1.0218<br>29). Shares repurchased for cancellation but not yet canceled<br>Date of changes 25 June 2026<br>122,250 0.046 % USD 0.9925<br>30). Shares repurchased for cancellation but not yet canceled<br>Date of changes 26 June 2026<br>5,100 0.002 % USD 0.9833<br>31). Shares repurchased for cancellation but not yet canceled<br>Date of changes 29 June 2026<br>13,494 0.005 % USD 1.0331<br>32). Shares repurchased for cancellation but not yet canceled<br>Date of changes 30 June 2026<br>139,809 0.053 % USD 1.0519<br>33). Shares repurchased for cancellation but not yet canceled<br>Date of changes 01 July 2026<br>108,498 0.041 % USD 1.058<br>34). Shares repurchased for cancellation but not yet canceled<br>Date of changes 02 July 2026<br>135,000 0.051 % USD 1.0484<br>35). Shares repurchased for cancellation but not yet canceled<br>Date of changes 06 July 2026<br>113,208 0.043 % USD 1.0608 |
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FF305<br>Page 5 of 9 v 1.3.0<br>36). Shares repurchased for cancellation but not yet canceled<br>Date of changes 07 July 2026<br>100,641 0.038 % USD 1.0811<br>37). Shares repurchased for cancellation but not yet canceled<br>Date of changes 08 July 2026<br>111,318 0.042 % USD 1.0705<br>Remarks: 37,106 ADS were repurchased on the New York Stock Exchange on July 8, 2026 (U.S. time) at US$3.2116 per ADS. Each ADS represents three class A ordinary<br>shares.<br>The percentage as stated in the above "Changes in issued shares (excluding treasury shares) as a % of existing number of issued shares (excluding treasury shares)<br>before the relevant event" column was calculated based on the Company's issued shares of 266,141,270 (comprising 250,907,515 Class A ordinary shares and<br>15,233,755 Class B ordinary shares). |
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FF305<br>Page 6 of 9 v 1.3.0<br>Confirmation Not applicable<br>Notes to Section I:<br>1. Please insert the closing balance date of the last Next Day Disclosure Return published pursuant to Main Board Rule 13.25A / GEM Rule 17.27A or Monthly Return pursuant to Main<br>Board Rule 13.25B / GEM Rule 17.27B, whichever is the later.<br>2. Please set out all changes in issued shares or treasury shares requiring disclosure pursuant to Main Board Rule 13.25A / GEM Rule 17.27A together with the relevant dates of<br>changes. Each category will need to be disclosed individually with sufficient information to enable the user to identify the relevant category in the listed issuer's Monthly Return. For<br>example, multiple issues of shares as a result of multiple exercises of share options under the same share option scheme or of multiple conversions under the same convertible note<br>must be aggregated and disclosed as one category. However, if the issues resulted from exercises of share options under 2 share option schemes or conversions of 2 convertible<br>notes, these must be disclosed as 2 separate categories.<br>3. The percentage change in the number of issued shares (excluding treasury shares) of the listed issuer is to be calculated by reference to the opening balance of the number of issued<br>shares (excluding treasury shares) being disclosed in this Next Day Disclosure Return.<br>4. In the case of a share repurchase or redemption, the “issue/ selling price per share” shall be construed as “repurchase price per share” or “redemption price per share”.<br>Where shares have been issued/ sold/ repurchased/ redeemed at more than one price per share, a volume-weighted average price per share should be given.<br>5. The closing balance date is the date of the last relevant event being disclosed.<br>6. For repurchase or redemption of shares, disclosure is required when the relevant event has occurred (subject to the provisions of Main Board Rules 10.06(4)(a), 13.25A and 13.31 /<br>GEM Rules 13.13(1), 17.27A and 17.35), even if the repurchased or redeemed shares have not yet been cancelled.<br>If repurchased or redeemed shares are to be cancelled upon settlement of such repurchase or redemption after the closing balance date, they shall remain part of the issued shares as<br>at the closing balance date in Part A. Details of these repurchased or redeemed shares shall be disclosed in Part B.<br>7. Items (i) to (viii) are suggested forms of confirmation. The listed issuer may amend the item(s) that is/are not applicable to meet individual cases.<br>8. “Identical” means in this context:<br>- the securities are of the same nominal value with the same amount called up or paid up;<br>- they are entitled to dividend/interest at the same rate and for the same period, so that at the next ensuing distribution, the dividend/interest payable per unit will amount to<br>exactly the same sum (gross and net); and<br>- they carry the same rights as to unrestricted transfer, attendance and voting at meetings and rank pari passu in all other respects. |
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FF305<br>Page 7 of 9 v 1.3.0<br>Section II must also be completed by a listed issuer where it has made a repurchase of shares which is discloseable under Main Board Rule 10.06(4)(a) / GEM Rule 13.13(1).<br>Repurchase report<br>Section II<br>1. Class of shares WVR ordinary shares Type of shares A Listed on the Exchange Yes<br>Stock code (if listed) 02390 Description<br>A. Repurchase report<br>Trading date Number of shares<br>repurchased<br>Method of repurchase<br>(Note 1)<br>Repurchase price per share or<br>highest repurchase price per<br>share $<br>Lowest repurchase<br>price per share $ Aggregate price paid $<br>1). 08 July 2026 111,318 On another stock exchange<br>New York Stock Exchange<br>USD 1.0767 USD 1.0633 USD 119,168.48<br>Total number of shares<br>repurchased 111,318 Aggregate price paid $ USD 119,168.48<br>Number of shares<br>repurchased for<br>cancellation<br>111,318<br>Number of shares<br>repurchased for holding<br>as treasury shares<br>0<br>B. Additional information for issuer who has a primary listing on the Exchange<br>1). Date of the resolution granting the repurchase mandate 30 June 2026<br>2). Total number of shares which the issuer is authorised to repurchase under the repurchase mandate 25,461,758<br>3). Number of shares repurchased on the Exchange or another stock exchange under the repurchase mandate (a) 708,474<br>4). As a % of number of issued shares (excluding treasury shares) as at the date of the resolution granting the repurchase mandate<br>(a) x 100 / number of issued shares (excluding treasury shares) as at the date of the resolution granting the repurchase mandate<br>0.278 %<br>5). Moratorium period for any issue of new shares, or sale or transfer of treasury shares after the share repurchase(s) set out in Part A<br>(Note 2)<br>Up to 07 August 2026 |
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FF305<br>Page 8 of 9 v 1.3.0<br>We hereby confirm that the repurchases made on another stock exchange set out in Part A above were made in accordance with the Main Board Rules and that there have been no material<br>changes to the particulars contained in the Explanatory Statement dated June 8, 2026, which has been filed with the Exchange. We also confirm that any repurchases made on another stock<br>exchange set out in Part A above were made in accordance with the domestic rules applying to repurchases on that other stock exchange.<br>Notes to Section II:<br>1. Please state whether the repurchase was made on the Exchange, on another stock exchange (stating the name of the exchange), by private arrangement or by general offer.<br>2. Subject to the carve-out set out in Main Board Rule 10.06(3)(a)/ GEM Rule 13.12, an issuer may not (i) make a new issue of shares, or a sale or transfer of any treasury shares; or (ii)<br>announce a proposed new issue of shares, or a sale or transfer of any treasury shares, for a period of 30 days after any purchase by it of shares, whether on the Exchange or otherwise,<br>without the prior approval of the Exchange. |
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FF305<br>Page 9 of 9 v 1.3.0<br>Section III must also be completed by a listed issuer where it has made a sale of treasury shares on the Exchange or any other stock exchange on which the issuer is listed which is discloseable<br>under Main Board Rule 10.06B / GEM Rule 13.14B.<br>Report of on-market sale of treasury shares Not applicable<br>Submitted by: Lau Yee Wa<br>(Name)<br>Title: Company Secretary<br>(Director, Secretary or other Duly Authorised Officer) |
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