Zhihu Inc 6-K, filed Jul 20, 2026
Zhihu Inc. (ZH)
About this 6-K
Zhihu Inc filed this 6-K on July 20, 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 Republic of 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. | |||
| By | : | /s/ Han Wang | |
| Name | : | Han Wang | |
| Title | : | Chief Financial Officer | |
Date: July 20, 2026
Exhibit 99.1
| FF305 Page 1 of 9 v 1.3.0 Next Day Disclosure Return (Equity issuer - changes in issued shares or treasury shares, share buybacks and/or on-market sales of treasury shares) Instrument: Equity issuer Status: New Submission Name of Issuer: Zhihu Inc. Date Submitted: 10 July 2026 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 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 Exchange (the “GEM Rules”). Section I 1. Class of shares WVR ordinary shares Type of shares A Listed on the Exchange Yes Stock code (if listed) 02390 Description A. Changes in issued shares or treasury shares Events Changes in issued shares (excluding treasury shares) Number of issued shares (excluding treasury shares) As a % of existing number of issued shares (excluding treasury shares) before the relevant event (Note 3) Changes in treasury shares Number of treasury shares Issue/ selling price per share (Note 4) Total number of issued shares Opening balance as at (Note 1) 08 July 2026 250,907,515 0 250,907,515 1). Other (please specify) See Part B Date of changes 09 July 2026 % Closing balance as at (Notes 5 and 6) 09 July 2026 250,907,515 0 250,907,515 |
| FF305 Page 2 of 9 v 1.3.0 B. Shares redeemed or repurchased for cancellation but not yet cancelled as at the closing balance date (Notes 5 and 6) 1). Shares repurchased for cancellation but not yet canceled Date of changes 01 April 2026 328,488 0.122 % USD 0.9366 2). Shares repurchased for cancellation but not yet canceled Date of changes 02 April 2026 169,593 0.063 % USD 0.9938 3). Shares repurchased for cancellation but not yet canceled Date of changes 06 April 2026 391,761 0.145 % USD 1.0333 4). Shares repurchased for cancellation but not yet canceled Date of changes 07 April 2026 391,134 0.145 % USD 1.0268 5). Shares repurchased for cancellation but not yet canceled Date of changes 08 April 2026 279,687 0.104 % USD 1.0802 6). Shares repurchased for cancellation but not yet canceled Date of changes 09 April 2026 221,358 0.082 % USD 1.0885 7). Shares repurchased for cancellation but not yet canceled Date of changes 10 April 2026 365,856 0.136 % USD 1.0915 8). Shares repurchased for cancellation but not yet canceled Date of changes 13 April 2026 341,901 0.127 % USD 1.0864 9). Shares repurchased for cancellation but not yet canceled Date of changes 14 April 2026 347,052 0.129 % USD 1.136 10). Shares repurchased for cancellation but not yet canceled Date of changes 15 April 2026 230,343 0.085 % USD 1.179 11). Shares repurchased for cancellation but not yet canceled Date of changes 16 April 2026 366,780 0.136 % USD 1.2245 |
| FF305 Page 3 of 9 v 1.3.0 12). Shares repurchased for cancellation but not yet canceled Date of changes 17 April 2026 422,766 0.157 % USD 1.2768 13). Shares repurchased for cancellation but not yet canceled Date of changes 20 April 2026 394,065 0.146 % USD 1.2564 14). Shares repurchased for cancellation but not yet canceled Date of changes 21 April 2026 368,010 0.136 % USD 1.2124 15). Shares repurchased for cancellation but not yet canceled Date of changes 22 April 2026 361,530 0.134 % USD 1.242 16). Shares repurchased for cancellation but not yet canceled Date of changes 05 June 2026 111,630 0.042 % USD 1.0357 17). Shares repurchased for cancellation but not yet canceled Date of changes 08 June 2026 123,270 0.046 % USD 1.0798 18). Shares repurchased for cancellation but not yet canceled Date of changes 09 June 2026 125,646 0.047 % USD 1.0525 19). Shares repurchased for cancellation but not yet canceled Date of changes 10 June 2026 89,463 0.034 % USD 1.0666 20). Shares repurchased for cancellation but not yet canceled Date of changes 11 June 2026 81,639 0.031 % USD 1.0545 21). Shares repurchased for cancellation but not yet canceled Date of changes 12 June 2026 58,401 0.022 % USD 1.0604 22). Shares repurchased for cancellation but not yet canceled Date of changes 15 June 2026 29,277 0.011 % USD 1.0722 23). Shares repurchased for cancellation but not yet canceled Date of changes 16 June 2026 104,325 0.039 % USD 1.06 |
| FF305 Page 4 of 9 v 1.3.0 24). Shares repurchased for cancellation but not yet canceled Date of changes 17 June 2026 113,886 0.043 % USD 1.0473 25). Shares repurchased for cancellation but not yet canceled Date of changes 18 June 2026 105,207 0.04 % USD 1.0454 26). Shares repurchased for cancellation but not yet canceled Date of changes 22 June 2026 75,387 0.028 % USD 1.0284 27). Shares repurchased for cancellation but not yet canceled Date of changes 23 June 2026 102,600 0.039 % USD 1.0332 28). Shares repurchased for cancellation but not yet canceled Date of changes 24 June 2026 107,457 0.04 % USD 1.0218 29). Shares repurchased for cancellation but not yet canceled Date of changes 25 June 2026 122,250 0.046 % USD 0.9925 30). Shares repurchased for cancellation but not yet canceled Date of changes 26 June 2026 5,100 0.002 % USD 0.9833 31). Shares repurchased for cancellation but not yet canceled Date of changes 29 June 2026 13,494 0.005 % USD 1.0331 32). Shares repurchased for cancellation but not yet canceled Date of changes 30 June 2026 139,809 0.053 % USD 1.0519 33). Shares repurchased for cancellation but not yet canceled Date of changes 01 July 2026 108,498 0.041 % USD 1.058 34). Shares repurchased for cancellation but not yet canceled Date of changes 02 July 2026 135,000 0.051 % USD 1.0484 35). Shares repurchased for cancellation but not yet canceled Date of changes 06 July 2026 113,208 0.043 % USD 1.0608 |
| FF305 Page 5 of 9 v 1.3.0 36). Shares repurchased for cancellation but not yet canceled Date of changes 07 July 2026 100,641 0.038 % USD 1.0811 37). Shares repurchased for cancellation but not yet canceled Date of changes 08 July 2026 111,318 0.042 % USD 1.0705 38). Shares repurchased for cancellation but not yet canceled Date of changes 09 July 2026 124,254 0.047 % USD 1.0615 Remarks: 41,418 ADS were repurchased on the New York Stock Exchange on July 9, 2026 (U.S. time) at US$3.1845 per ADS. Each ADS represents three class A ordinary shares. 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) 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 15,233,755 Class B ordinary shares). |
| FF305 Page 6 of 9 v 1.3.0 Confirmation Not applicable Notes to Section I: 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 Board Rule 13.25B / GEM Rule 17.27B, whichever is the later. 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 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 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 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 notes, these must be disclosed as 2 separate categories. 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 shares (excluding treasury shares) being disclosed in this Next Day Disclosure Return. 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”. 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. 5. The closing balance date is the date of the last relevant event being disclosed. 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 / GEM Rules 13.13(1), 17.27A and 17.35), even if the repurchased or redeemed shares have not yet been cancelled. 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 at the closing balance date in Part A. Details of these repurchased or redeemed shares shall be disclosed in Part B. 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. 8. “Identical” means in this context: - the securities are of the same nominal value with the same amount called up or paid up; - 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 exactly the same sum (gross and net); and - they carry the same rights as to unrestricted transfer, attendance and voting at meetings and rank pari passu in all other respects. |
| FF305 Page 7 of 9 v 1.3.0 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). Repurchase report Section II 1. Class of shares WVR ordinary shares Type of shares A Listed on the Exchange Yes Stock code (if listed) 02390 Description A. Repurchase report Trading date Number of shares repurchased Method of repurchase (Note 1) Repurchase price per share or highest repurchase price per share $ Lowest repurchase price per share $ Aggregate price paid $ 1). 09 July 2026 124,254 On another stock exchange New York Stock Exchange USD 1.07 USD 1.0433 USD 131,894.19 Total number of shares repurchased 124,254 Aggregate price paid $ USD 131,894.19 Number of shares repurchased for cancellation 124,254 Number of shares repurchased for holding as treasury shares 0 B. Additional information for issuer who has a primary listing on the Exchange 1). Date of the resolution granting the repurchase mandate 30 June 2026 2). Total number of shares which the issuer is authorised to repurchase under the repurchase mandate 25,461,758 3). Number of shares repurchased on the Exchange or another stock exchange under the repurchase mandate (a) 832,728 4). As a % of number of issued shares (excluding treasury shares) as at the date of the resolution granting the repurchase mandate (a) x 100 / number of issued shares (excluding treasury shares) as at the date of the resolution granting the repurchase mandate 0.327 % 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 (Note 2) Up to 08 August 2026 |
| FF305 Page 8 of 9 v 1.3.0 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 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 exchange set out in Part A above were made in accordance with the domestic rules applying to repurchases on that other stock exchange. Notes to Section II: 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. 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) 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, without the prior approval of the Exchange. |
| FF305 Page 9 of 9 v 1.3.0 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 under Main Board Rule 10.06B / GEM Rule 13.14B. Report of on-market sale of treasury shares Not applicable Submitted by: Lau Yee Wa (Name) Title: Company Secretary (Director, Secretary or other Duly Authorised Officer) |
Exhibit 99.2
| FF305 Page 1 of 9 v 1.3.0 Next Day Disclosure Return (Equity issuer - changes in issued shares or treasury shares, share buybacks and/or on-market sales of treasury shares) Instrument: Equity issuer Status: New Submission Name of Issuer: Zhihu Inc. Date Submitted: 13 July 2026 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 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 Exchange (the “GEM Rules”). Section I 1. Class of shares WVR ordinary shares Type of shares A Listed on the Exchange Yes Stock code (if listed) 02390 Description A. Changes in issued shares or treasury shares Events Changes in issued shares (excluding treasury shares) Number of issued shares (excluding treasury shares) As a % of existing number of issued shares (excluding treasury shares) before the relevant event (Note 3) Changes in treasury shares Number of treasury shares Issue/ selling price per share (Note 4) Total number of issued shares Opening balance as at (Note 1) 09 July 2026 250,907,515 0 250,907,515 1). Other (please specify) See Part B Date of changes 10 July 2026 % Closing balance as at (Notes 5 and 6) 10 July 2026 250,907,515 0 250,907,515 |
| FF305 Page 2 of 9 v 1.3.0 B. Shares redeemed or repurchased for cancellation but not yet cancelled as at the closing balance date (Notes 5 and 6) 1). Shares repurchased for cancellation but not yet canceled Date of changes 01 April 2026 328,488 0.122 % USD 0.9366 2). Shares repurchased for cancellation but not yet canceled Date of changes 02 April 2026 169,593 0.063 % USD 0.9938 3). Shares repurchased for cancellation but not yet canceled Date of changes 06 April 2026 391,761 0.145 % USD 1.0333 4). Shares repurchased for cancellation but not yet canceled Date of changes 07 April 2026 391,134 0.145 % USD 1.0268 5). Shares repurchased for cancellation but not yet canceled Date of changes 08 April 2026 279,687 0.104 % USD 1.0802 6). Shares repurchased for cancellation but not yet canceled Date of changes 09 April 2026 221,358 0.082 % USD 1.0885 7). Shares repurchased for cancellation but not yet canceled Date of changes 10 April 2026 365,856 0.136 % USD 1.0915 8). Shares repurchased for cancellation but not yet canceled Date of changes 13 April 2026 341,901 0.127 % USD 1.0864 9). Shares repurchased for cancellation but not yet canceled Date of changes 14 April 2026 347,052 0.129 % USD 1.136 10). Shares repurchased for cancellation but not yet canceled Date of changes 15 April 2026 230,343 0.085 % USD 1.179 11). Shares repurchased for cancellation but not yet canceled Date of changes 16 April 2026 366,780 0.136 % USD 1.2245 |
| FF305 Page 3 of 9 v 1.3.0 12). Shares repurchased for cancellation but not yet canceled Date of changes 17 April 2026 422,766 0.157 % USD 1.2768 13). Shares repurchased for cancellation but not yet canceled Date of changes 20 April 2026 394,065 0.146 % USD 1.2564 14). Shares repurchased for cancellation but not yet canceled Date of changes 21 April 2026 368,010 0.136 % USD 1.2124 15). Shares repurchased for cancellation but not yet canceled Date of changes 22 April 2026 361,530 0.134 % USD 1.242 16). Shares repurchased for cancellation but not yet canceled Date of changes 05 June 2026 111,630 0.042 % USD 1.0357 17). Shares repurchased for cancellation but not yet canceled Date of changes 08 June 2026 123,270 0.046 % USD 1.0798 18). Shares repurchased for cancellation but not yet canceled Date of changes 09 June 2026 125,646 0.047 % USD 1.0525 19). Shares repurchased for cancellation but not yet canceled Date of changes 10 June 2026 89,463 0.034 % USD 1.0666 20). Shares repurchased for cancellation but not yet canceled Date of changes 11 June 2026 81,639 0.031 % USD 1.0545 21). Shares repurchased for cancellation but not yet canceled Date of changes 12 June 2026 58,401 0.022 % USD 1.0604 22). Shares repurchased for cancellation but not yet canceled Date of changes 15 June 2026 29,277 0.011 % USD 1.0722 23). Shares repurchased for cancellation but not yet canceled Date of changes 16 June 2026 104,325 0.039 % USD 1.06 |
| FF305 Page 4 of 9 v 1.3.0 24). Shares repurchased for cancellation but not yet canceled Date of changes 17 June 2026 113,886 0.043 % USD 1.0473 25). Shares repurchased for cancellation but not yet canceled Date of changes 18 June 2026 105,207 0.04 % USD 1.0454 26). Shares repurchased for cancellation but not yet canceled Date of changes 22 June 2026 75,387 0.028 % USD 1.0284 27). Shares repurchased for cancellation but not yet canceled Date of changes 23 June 2026 102,600 0.039 % USD 1.0332 28). Shares repurchased for cancellation but not yet canceled Date of changes 24 June 2026 107,457 0.04 % USD 1.0218 29). Shares repurchased for cancellation but not yet canceled Date of changes 25 June 2026 122,250 0.046 % USD 0.9925 30). Shares repurchased for cancellation but not yet canceled Date of changes 26 June 2026 5,100 0.002 % USD 0.9833 31). Shares repurchased for cancellation but not yet canceled Date of changes 29 June 2026 13,494 0.005 % USD 1.0331 32). Shares repurchased for cancellation but not yet canceled Date of changes 30 June 2026 139,809 0.053 % USD 1.0519 33). Shares repurchased for cancellation but not yet canceled Date of changes 01 July 2026 108,498 0.041 % USD 1.058 34). Shares repurchased for cancellation but not yet canceled Date of changes 02 July 2026 135,000 0.051 % USD 1.0484 35). Shares repurchased for cancellation but not yet canceled Date of changes 06 July 2026 113,208 0.043 % USD 1.0608 |
| FF305 Page 5 of 9 v 1.3.0 36). Shares repurchased for cancellation but not yet canceled Date of changes 07 July 2026 100,641 0.038 % USD 1.0811 37). Shares repurchased for cancellation but not yet canceled Date of changes 08 July 2026 111,318 0.042 % USD 1.0705 38). Shares repurchased for cancellation but not yet canceled Date of changes 09 July 2026 124,254 0.047 % USD 1.0615 39). Shares repurchased for cancellation but not yet canceled Date of changes 10 July 2026 122,445 0.046 % USD 1.0899 Remarks: 40,815 ADS were repurchased on the New York Stock Exchange on July 10, 2026 (U.S. time) at US$3.2696 per ADS. Each ADS represents three class A ordinary shares. 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) 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 15,233,755 Class B ordinary shares). |
| FF305 Page 6 of 9 v 1.3.0 Confirmation Not applicable Notes to Section I: 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 Board Rule 13.25B / GEM Rule 17.27B, whichever is the later. 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 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 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 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 notes, these must be disclosed as 2 separate categories. 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 shares (excluding treasury shares) being disclosed in this Next Day Disclosure Return. 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”. 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. 5. The closing balance date is the date of the last relevant event being disclosed. 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 / GEM Rules 13.13(1), 17.27A and 17.35), even if the repurchased or redeemed shares have not yet been cancelled. 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 at the closing balance date in Part A. Details of these repurchased or redeemed shares shall be disclosed in Part B. 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. 8. “Identical” means in this context: - the securities are of the same nominal value with the same amount called up or paid up; - 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 exactly the same sum (gross and net); and - they carry the same rights as to unrestricted transfer, attendance and voting at meetings and rank pari passu in all other respects. |
| FF305 Page 7 of 9 v 1.3.0 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). Repurchase report Section II 1. Class of shares WVR ordinary shares Type of shares A Listed on the Exchange Yes Stock code (if listed) 02390 Description A. Repurchase report Trading date Number of shares repurchased Method of repurchase (Note 1) Repurchase price per share or highest repurchase price per share $ Lowest repurchase price per share $ Aggregate price paid $ 1). 10 July 2026 122,445 On another stock exchange New York Stock Exchange USD 1.1 USD 1.08 USD 133,447.88 Total number of shares repurchased 122,445 Aggregate price paid $ USD 133,447.88 Number of shares repurchased for cancellation 122,445 Number of shares repurchased for holding as treasury shares 0 B. Additional information for issuer who has a primary listing on the Exchange 1). Date of the resolution granting the repurchase mandate 30 June 2026 2). Total number of shares which the issuer is authorised to repurchase under the repurchase mandate 25,461,758 3). Number of shares repurchased on the Exchange or another stock exchange under the repurchase mandate (a) 955,173 4). As a % of number of issued shares (excluding treasury shares) as at the date of the resolution granting the repurchase mandate (a) x 100 / number of issued shares (excluding treasury shares) as at the date of the resolution granting the repurchase mandate 0.375 % 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 (Note 2) Up to 09 August 2026 |
| FF305 Page 8 of 9 v 1.3.0 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 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 exchange set out in Part A above were made in accordance with the domestic rules applying to repurchases on that other stock exchange. Notes to Section II: 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. 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) 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, without the prior approval of the Exchange. |
| FF305 Page 9 of 9 v 1.3.0 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 under Main Board Rule 10.06B / GEM Rule 13.14B. Report of on-market sale of treasury shares Not applicable Submitted by: Lau Yee Wa (Name) Title: Company Secretary (Director, Secretary or other Duly Authorised Officer) |
Exhibit 99.3
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
Zhihu Inc.
(A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability)
(NYSE: ZH; HKEX: 2390)
GRANT OF RESTRICTED SHARE UNITS
PURSUANT TO THE AMENDED AND
RESTATED 2022 SHARE INCENTIVE PLAN
| On July 13, 2026, the Company granted an aggregate of 2,226,711 RSUs to certain eligible participants pursuant to the Amended and Restated 2022 Share Incentive Plan, subject to acceptances of the Grantees as well as the terms and conditions of the Amended and Restated 2022 Share Incentive Plan. |
On July 13, 2026, the Company granted an aggregate of 2,226,711 RSUs to certain eligible participants pursuant to the Amended and Restated 2022 Share Incentive Plan, representing the same number of Class A Ordinary Shares and approximately 0.85% of the total Shares (on a one share one vote basis) in issue (excluding treasury shares) as at the date of this announcement.
Details of the Grants
The details of the RSUs granted to the Grantees are as follows:
| Date of the Grants: | July 13, 2026 |
| Grantees: | 30 employees of the Group, who are eligible participants pursuant to the Amended and Restated 2022 Share Incentive Plan |
| Aggregate number of RSUs granted: | 2,226,711 RSUs |
| Purchase price of the RSUs granted: | US$0.01 per RSU |
| Market price of the Class A Ordinary Shares on the date of the Grants: | HK$8.34 per Share, for Class A Ordinary Shares traded on the Stock Exchange on July 13, 2026. |
| US$3.26 per ADS, for ADSs traded on the New York Stock Exchange on July 10, 2026 (U.S. Eastern Time), being the trading day on the New York Stock Exchange immediately preceding the date of the Grants. |
1
| Vesting period: | As permitted under the Amended and Restated 2022 Share Incentive Plan, the RSUs granted to each of such employees have a mixed vesting schedule, comprising: (i) certain RSUs with a total vesting period (i.e. the period between the vesting commencement date and the last vesting date) of 48 months, where such RSUs shall be vested by several batches, with certain RSUs to be vested upon the first anniversary of the vesting commencement date and the last batch to be vested after 12 months of the vesting commencement date; and (ii) certain RSUs granted principally in lieu of the performance-based bonuses otherwise payable to such employees, a portion of which shall vest immediately upon the date of grant, with the remaining portion to be vested in equal batches within 12 months from the date of grant. It is permitted under the Amended and Restated 2022 Share Incentive Plan to have a vesting period shorter than twelve months, given that these RSUs are made in lieu of, or to satisfy or replace, performance-based bonuses, salary, or other compensation entitlements. |
| Performance target: | The vesting of certain RSUs to the Grantees is subject to the achievement of performance targets. The Company will assess and evaluate the performance and the contribution of the Grantees based on a matrix of indicators that vary according to the roles and responsibilities of the Grantees. In the event of a failure to meet the applicable performance targets for a given period, the portion of the RSUs scheduled to vest in such period shall be void and forfeited. |
| The RSUs granted in lieu of the performance-based bonuses are not subject to any further performance targets, as the relevant performance assessment has already been completed prior to the grant of such RSUs. | |
| Clawback mechanism: | Pursuant to the terms of the Amended and Restated 2022 Share Incentive Plan and the RSU award agreements, if a Grantee’s termination of service is by reason of cause set out in the Amended and Restated 2022 Share Incentive Plan or of misconduct events listed in the RSU award agreements, the Grantee’s right to the RSUs shall terminate concurrently with the termination of employment and all unvested RSUs shall immediately become void. In the event of termination of employment however occasioned, the Grantee’s right to unvested RSUs shall terminate and such RSUs shall be forfeited. |
2
| Arrangements for the Group to provide financial assistance to a Grantee to facilitate the purchase of Shares in relation to such RSUs: | None |
REASONS FOR AND BENEFITS OF THE GRANT
The purpose of the Grants is to (i) promote the success and enhance the value of the Company by linking the personal interests of the Grantees to those of the Company’s Shareholders and by providing such individuals with an incentive for outstanding performance to generate superior returns to the Company’s Shareholders, and (ii) provide flexibility to the Company in its ability to motivate, attract, and retain the services of the Grantees upon whose judgment, interest, and special effort the successful conduct of the Company’s operation is largely dependent.
To the best of the Directors’ knowledge, information and belief having made all reasonable enquiries, as at the date of this announcement, none of the Grantees is (i) a Director, a chief executive, a substantial Shareholder, or an associate of any of them; (ii) a participant with options and awards granted and to be granted exceeding the 1% individual limit under Rule 17.03D of the Listing Rules; or (iii) a related entity participant or service provider with options and awards granted and to be granted exceeding 0.1% of the total issued Shares (excluding treasury shares) in any 12-month period up to and including the date of the Grant. None of the Grants will be subject to approval by the Shareholders.
NUMBER OF SHARES AVAILABLE FOR FUTURE GRANT
Following the grants above, 15,198,984 Shares remain available for future grants under the scheme mandate limit of the Amended and Restated 2022 Share Incentive Plan, and 521,933 Shares remain available for future grants under the service provider sublimit of the Amended and Restated 2022 Share Incentive Plan.
DEFINITIONS
In this announcement, unless the context otherwise requires, the following expressions shall have the following meanings:
| “Amended and Restated 2022 Share Incentive Plan” | the share incentive plan which is a ten-year incentive plan conditionally approved and adopted by our Company on March 30, 2022 and was resolved by the Board to be amended and restated, which was approved and adopted by the Shareholders on June 30, 2026 |
| “ADS(s)” | American Depositary Share(s), each American Depositary Share representing three Class A Ordinary Shares |
| “Board” | the board of Directors |
| “Class A Ordinary Share(s)” | class A ordinary share(s) in the share capital of the Company with a par value of US$0.000125 each, conferring a holder of a class A ordinary share one vote per Share on any resolution tabled at the Company’s general meeting |
3
| “Class B Ordinary Share(s)” | class B ordinary share(s) of the share capital of the Company with a par value of US$0.000125 each, conferring weighted voting rights in the Company such that a holder of a class B ordinary share is entitled to ten votes per Share on any resolution tabled at the Company’s general meeting, save for resolutions with respect to any Reserved Matters, in which case they shall be entitled to one vote per Share |
| “Company” | Zhihu Inc. (“知乎”, formerly known as “Zhihu Technology Limited”), an exempted company with limited liability incorporated in the Cayman Islands on May 17, 2011 |
| “Director(s)” | the director(s) of the Company |
| “Grant(s)” | the grant(s) of 2,226,711 RSUs to the Grantees pursuant to the Amended and Restated 2022 Share Incentive Plan on July 13, 2026 |
| “Grantee(s)” | 30 employees of the Group who are eligible participants under the Amended and Restated 2022 Share Incentive Plan and were granted RSUs under the Amended and Restated 2022 Share Incentive Plan on July 13, 2026 |
| “Group” | the Company, its subsidiaries and its consolidated affiliated entities from time to time |
| “HK$” | Hong Kong dollars, the lawful currency of Hong Kong |
| “Hong Kong” | the Hong Kong Special Administrative Region of the People’s Republic of China |
| “Listing Rules” | the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited |
| “Reserved Matters” | those matters resolutions with respect to which each Share is entitled to one vote at general meetings of the Company pursuant to the articles of association of the Company (as amended from time to time), being: (i) any amendment to the memorandum of association or articles of association of the Company, including the variation of the rights attached to any class of shares, (ii) the appointment, election or removal of any independent non-executive Director, (iii) the appointment or removal of the Company’s auditors, and (iv) the voluntary liquidation or winding-up of the Company |
| “RSU(s)” | restricted share unit(s) |
| “Share(s)” | the Class A Ordinary Share(s) and the Class B Ordinary Share(s) in the share capital of the Company, as the context so requires |
| “Shareholder(s)” | holder(s) of the Share(s) |
| “Stock Exchange” | The Stock Exchange of Hong Kong Limited |
4
| “subsidiary(ies)” | has the meaning ascribed to it under the Listing Rules |
| “substantial Shareholder(s)” | has the meaning ascribed to it under the Listing Rules |
| “treasury shares” | has the meaning ascribed to it under the Listing Rules |
| “weighted voting right” | has the meaning ascribed to it under the Listing Rules |
| “%” | percent |
| By Order of the Board | |
| Zhihu Inc. | |
| Yuan Zhou | |
| Chairman |
Hong Kong, July 13, 2026
As of the date of this announcement, the Board comprises Mr. Yuan Zhou as an executive Director, Mr. Dahai Li, Mr. Zhaohui Li and Mr. Qu Chen as non-executive Directors and Ms. Hope Ni, Mr. Derek Chen and Dr. Li-Lan Cheng as independent non-executive Directors.
5
Exhibit 99.4
| FF305 Page 1 of 9 v 1.3.0 Next Day Disclosure Return (Equity issuer - changes in issued shares or treasury shares, share buybacks and/or on-market sales of treasury shares) Instrument: Equity issuer Status: New Submission Name of Issuer: Zhihu Inc. Date Submitted: 14 July 2026 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 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 Exchange (the “GEM Rules”). Section I 1. Class of shares WVR ordinary shares Type of shares A Listed on the Exchange Yes Stock code (if listed) 02390 Description A. Changes in issued shares or treasury shares Events Changes in issued shares (excluding treasury shares) Number of issued shares (excluding treasury shares) As a % of existing number of issued shares (excluding treasury shares) before the relevant event (Note 3) Changes in treasury shares Number of treasury shares Issue/ selling price per share (Note 4) Total number of issued shares Opening balance as at (Note 1) 10 July 2026 250,907,515 0 250,907,515 1). Other (please specify) See Part B Date of changes 13 July 2026 % Closing balance as at (Notes 5 and 6) 13 July 2026 250,907,515 0 250,907,515 |
| FF305 Page 2 of 9 v 1.3.0 B. Shares redeemed or repurchased for cancellation but not yet cancelled as at the closing balance date (Notes 5 and 6) 1). Shares repurchased for cancellation but not yet canceled Date of changes 01 April 2026 328,488 0.122 % USD 0.9366 2). Shares repurchased for cancellation but not yet canceled Date of changes 02 April 2026 169,593 0.063 % USD 0.9938 3). Shares repurchased for cancellation but not yet canceled Date of changes 06 April 2026 391,761 0.145 % USD 1.0333 4). Shares repurchased for cancellation but not yet canceled Date of changes 07 April 2026 391,134 0.145 % USD 1.0268 5). Shares repurchased for cancellation but not yet canceled Date of changes 08 April 2026 279,687 0.104 % USD 1.0802 6). Shares repurchased for cancellation but not yet canceled Date of changes 09 April 2026 221,358 0.082 % USD 1.0885 7). Shares repurchased for cancellation but not yet canceled Date of changes 10 April 2026 365,856 0.136 % USD 1.0915 8). Shares repurchased for cancellation but not yet canceled Date of changes 13 April 2026 341,901 0.127 % USD 1.0864 9). Shares repurchased for cancellation but not yet canceled Date of changes 14 April 2026 347,052 0.129 % USD 1.136 10). Shares repurchased for cancellation but not yet canceled Date of changes 15 April 2026 230,343 0.085 % USD 1.179 11). Shares repurchased for cancellation but not yet canceled Date of changes 16 April 2026 366,780 0.136 % USD 1.2245 |
| FF305 Page 3 of 9 v 1.3.0 12). Shares repurchased for cancellation but not yet canceled Date of changes 17 April 2026 422,766 0.157 % USD 1.2768 13). Shares repurchased for cancellation but not yet canceled Date of changes 20 April 2026 394,065 0.146 % USD 1.2564 14). Shares repurchased for cancellation but not yet canceled Date of changes 21 April 2026 368,010 0.136 % USD 1.2124 15). Shares repurchased for cancellation but not yet canceled Date of changes 22 April 2026 361,530 0.134 % USD 1.242 16). Shares repurchased for cancellation but not yet canceled Date of changes 05 June 2026 111,630 0.042 % USD 1.0357 17). Shares repurchased for cancellation but not yet canceled Date of changes 08 June 2026 123,270 0.046 % USD 1.0798 18). Shares repurchased for cancellation but not yet canceled Date of changes 09 June 2026 125,646 0.047 % USD 1.0525 19). Shares repurchased for cancellation but not yet canceled Date of changes 10 June 2026 89,463 0.034 % USD 1.0666 20). Shares repurchased for cancellation but not yet canceled Date of changes 11 June 2026 81,639 0.031 % USD 1.0545 21). Shares repurchased for cancellation but not yet canceled Date of changes 12 June 2026 58,401 0.022 % USD 1.0604 22). Shares repurchased for cancellation but not yet canceled Date of changes 15 June 2026 29,277 0.011 % USD 1.0722 23). Shares repurchased for cancellation but not yet canceled Date of changes 16 June 2026 104,325 0.039 % USD 1.06 |
| FF305 Page 4 of 9 v 1.3.0 24). Shares repurchased for cancellation but not yet canceled Date of changes 17 June 2026 113,886 0.043 % USD 1.0473 25). Shares repurchased for cancellation but not yet canceled Date of changes 18 June 2026 105,207 0.04 % USD 1.0454 26). Shares repurchased for cancellation but not yet canceled Date of changes 22 June 2026 75,387 0.028 % USD 1.0284 27). Shares repurchased for cancellation but not yet canceled Date of changes 23 June 2026 102,600 0.039 % USD 1.0332 28). Shares repurchased for cancellation but not yet canceled Date of changes 24 June 2026 107,457 0.04 % USD 1.0218 29). Shares repurchased for cancellation but not yet canceled Date of changes 25 June 2026 122,250 0.046 % USD 0.9925 30). Shares repurchased for cancellation but not yet canceled Date of changes 26 June 2026 5,100 0.002 % USD 0.9833 31). Shares repurchased for cancellation but not yet canceled Date of changes 29 June 2026 13,494 0.005 % USD 1.0331 32). Shares repurchased for cancellation but not yet canceled Date of changes 30 June 2026 139,809 0.053 % USD 1.0519 33). Shares repurchased for cancellation but not yet canceled Date of changes 01 July 2026 108,498 0.041 % USD 1.058 34). Shares repurchased for cancellation but not yet canceled Date of changes 02 July 2026 135,000 0.051 % USD 1.0484 35). Shares repurchased for cancellation but not yet canceled Date of changes 06 July 2026 113,208 0.043 % USD 1.0608 |
| FF305 Page 5 of 9 v 1.3.0 36). Shares repurchased for cancellation but not yet canceled Date of changes 07 July 2026 100,641 0.038 % USD 1.0811 37). Shares repurchased for cancellation but not yet canceled Date of changes 08 July 2026 111,318 0.042 % USD 1.0705 38). Shares repurchased for cancellation but not yet canceled Date of changes 09 July 2026 124,254 0.047 % USD 1.0615 39). Shares repurchased for cancellation but not yet canceled Date of changes 10 July 2026 122,445 0.046 % USD 1.0899 40). Shares repurchased for cancellation but not yet canceled Date of changes 13 July 2026 131,334 0.049 % USD 1.0908 Remarks: 43,778 ADS were repurchased on the New York Stock Exchange on July 13, 2026 (U.S. time) at US$3.2724 per ADS. Each ADS represents three class A ordinary shares. 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) 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 15,233,755 Class B ordinary shares). |
| FF305 Page 6 of 9 v 1.3.0 Confirmation Not applicable Notes to Section I: 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 Board Rule 13.25B / GEM Rule 17.27B, whichever is the later. 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 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 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 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 notes, these must be disclosed as 2 separate categories. 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 shares (excluding treasury shares) being disclosed in this Next Day Disclosure Return. 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”. 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. 5. The closing balance date is the date of the last relevant event being disclosed. 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 / GEM Rules 13.13(1), 17.27A and 17.35), even if the repurchased or redeemed shares have not yet been cancelled. 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 at the closing balance date in Part A. Details of these repurchased or redeemed shares shall be disclosed in Part B. 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. 8. “Identical” means in this context: - the securities are of the same nominal value with the same amount called up or paid up; - 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 exactly the same sum (gross and net); and - they carry the same rights as to unrestricted transfer, attendance and voting at meetings and rank pari passu in all other respects. |
| FF305 Page 7 of 9 v 1.3.0 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). Repurchase report Section II 1. Class of shares WVR ordinary shares Type of shares A Listed on the Exchange Yes Stock code (if listed) 02390 Description A. Repurchase report Trading date Number of shares repurchased Method of repurchase (Note 1) Repurchase price per share or highest repurchase price per share $ Lowest repurchase price per share $ Aggregate price paid $ 1). 13 July 2026 131,334 On another stock exchange New York Stock Exchange USD 1.0933 USD 1.0833 USD 143,261 Total number of shares repurchased 131,334 Aggregate price paid $ USD 143,261 Number of shares repurchased for cancellation 131,334 Number of shares repurchased for holding as treasury shares 0 B. Additional information for issuer who has a primary listing on the Exchange 1). Date of the resolution granting the repurchase mandate 30 June 2026 2). Total number of shares which the issuer is authorised to repurchase under the repurchase mandate 25,461,758 3). Number of shares repurchased on the Exchange or another stock exchange under the repurchase mandate (a) 1,086,507 4). As a % of number of issued shares (excluding treasury shares) as at the date of the resolution granting the repurchase mandate (a) x 100 / number of issued shares (excluding treasury shares) as at the date of the resolution granting the repurchase mandate 0.427 % 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 (Note 2) Up to 12 August 2026 |
| FF305 Page 8 of 9 v 1.3.0 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 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 exchange set out in Part A above were made in accordance with the domestic rules applying to repurchases on that other stock exchange. Notes to Section II: 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. 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) 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, without the prior approval of the Exchange. |
| FF305 Page 9 of 9 v 1.3.0 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 under Main Board Rule 10.06B / GEM Rule 13.14B. Report of on-market sale of treasury shares Not applicable Submitted by: Lau Yee Wa (Name) Title: Company Secretary (Director, Secretary or other Duly Authorised Officer) |
Exhibit 99.5
| FF305 Page 1 of 9 v 1.3.0 Next Day Disclosure Return (Equity issuer - changes in issued shares or treasury shares, share buybacks and/or on-market sales of treasury shares) Instrument: Equity issuer Status: New Submission Name of Issuer: Zhihu Inc. Date Submitted: 15 July 2026 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 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 Exchange (the “GEM Rules”). Section I 1. Class of shares WVR ordinary shares Type of shares A Listed on the Exchange Yes Stock code (if listed) 02390 Description A. Changes in issued shares or treasury shares Events Changes in issued shares (excluding treasury shares) Number of issued shares (excluding treasury shares) As a % of existing number of issued shares (excluding treasury shares) before the relevant event (Note 3) Changes in treasury shares Number of treasury shares Issue/ selling price per share (Note 4) Total number of issued shares Opening balance as at (Note 1) 13 July 2026 250,907,515 0 250,907,515 1). Other (please specify) See Part B Date of changes 14 July 2026 % Closing balance as at (Notes 5 and 6) 14 July 2026 250,907,515 0 250,907,515 |
| FF305 Page 2 of 9 v 1.3.0 B. Shares redeemed or repurchased for cancellation but not yet cancelled as at the closing balance date (Notes 5 and 6) 1). Shares repurchased for cancellation but not yet canceled Date of changes 01 April 2026 328,488 0.122 % USD 0.9366 2). Shares repurchased for cancellation but not yet canceled Date of changes 02 April 2026 169,593 0.063 % USD 0.9938 3). Shares repurchased for cancellation but not yet canceled Date of changes 06 April 2026 391,761 0.145 % USD 1.0333 4). Shares repurchased for cancellation but not yet canceled Date of changes 07 April 2026 391,134 0.145 % USD 1.0268 5). Shares repurchased for cancellation but not yet canceled Date of changes 08 April 2026 279,687 0.104 % USD 1.0802 6). Shares repurchased for cancellation but not yet canceled Date of changes 09 April 2026 221,358 0.082 % USD 1.0885 7). Shares repurchased for cancellation but not yet canceled Date of changes 10 April 2026 365,856 0.136 % USD 1.0915 8). Shares repurchased for cancellation but not yet canceled Date of changes 13 April 2026 341,901 0.127 % USD 1.0864 9). Shares repurchased for cancellation but not yet canceled Date of changes 14 April 2026 347,052 0.129 % USD 1.136 10). Shares repurchased for cancellation but not yet canceled Date of changes 15 April 2026 230,343 0.085 % USD 1.179 11). Shares repurchased for cancellation but not yet canceled Date of changes 16 April 2026 366,780 0.136 % USD 1.2245 |
| FF305 Page 3 of 9 v 1.3.0 12). Shares repurchased for cancellation but not yet canceled Date of changes 17 April 2026 422,766 0.157 % USD 1.2768 13). Shares repurchased for cancellation but not yet canceled Date of changes 20 April 2026 394,065 0.146 % USD 1.2564 14). Shares repurchased for cancellation but not yet canceled Date of changes 21 April 2026 368,010 0.136 % USD 1.2124 15). Shares repurchased for cancellation but not yet canceled Date of changes 22 April 2026 361,530 0.134 % USD 1.242 16). Shares repurchased for cancellation but not yet canceled Date of changes 05 June 2026 111,630 0.042 % USD 1.0357 17). Shares repurchased for cancellation but not yet canceled Date of changes 08 June 2026 123,270 0.046 % USD 1.0798 18). Shares repurchased for cancellation but not yet canceled Date of changes 09 June 2026 125,646 0.047 % USD 1.0525 19). Shares repurchased for cancellation but not yet canceled Date of changes 10 June 2026 89,463 0.034 % USD 1.0666 20). Shares repurchased for cancellation but not yet canceled Date of changes 11 June 2026 81,639 0.031 % USD 1.0545 21). Shares repurchased for cancellation but not yet canceled Date of changes 12 June 2026 58,401 0.022 % USD 1.0604 22). Shares repurchased for cancellation but not yet canceled Date of changes 15 June 2026 29,277 0.011 % USD 1.0722 23). Shares repurchased for cancellation but not yet canceled Date of changes 16 June 2026 104,325 0.039 % USD 1.06 |
| FF305 Page 4 of 9 v 1.3.0 24). Shares repurchased for cancellation but not yet canceled Date of changes 17 June 2026 113,886 0.043 % USD 1.0473 25). Shares repurchased for cancellation but not yet canceled Date of changes 18 June 2026 105,207 0.04 % USD 1.0454 26). Shares repurchased for cancellation but not yet canceled Date of changes 22 June 2026 75,387 0.028 % USD 1.0284 27). Shares repurchased for cancellation but not yet canceled Date of changes 23 June 2026 102,600 0.039 % USD 1.0332 28). Shares repurchased for cancellation but not yet canceled Date of changes 24 June 2026 107,457 0.04 % USD 1.0218 29). Shares repurchased for cancellation but not yet canceled Date of changes 25 June 2026 122,250 0.046 % USD 0.9925 30). Shares repurchased for cancellation but not yet canceled Date of changes 26 June 2026 5,100 0.002 % USD 0.9833 31). Shares repurchased for cancellation but not yet canceled Date of changes 29 June 2026 13,494 0.005 % USD 1.0331 32). Shares repurchased for cancellation but not yet canceled Date of changes 30 June 2026 139,809 0.053 % USD 1.0519 33). Shares repurchased for cancellation but not yet canceled Date of changes 01 July 2026 108,498 0.041 % USD 1.058 34). Shares repurchased for cancellation but not yet canceled Date of changes 02 July 2026 135,000 0.051 % USD 1.0484 35). Shares repurchased for cancellation but not yet canceled Date of changes 06 July 2026 113,208 0.043 % USD 1.0608 |
| FF305 Page 5 of 9 v 1.3.0 36). Shares repurchased for cancellation but not yet canceled Date of changes 07 July 2026 100,641 0.038 % USD 1.0811 37). Shares repurchased for cancellation but not yet canceled Date of changes 08 July 2026 111,318 0.042 % USD 1.0705 38). Shares repurchased for cancellation but not yet canceled Date of changes 09 July 2026 124,254 0.047 % USD 1.0615 39). Shares repurchased for cancellation but not yet canceled Date of changes 10 July 2026 122,445 0.046 % USD 1.0899 40). Shares repurchased for cancellation but not yet canceled Date of changes 13 July 2026 131,334 0.049 % USD 1.0908 41). Shares repurchased for cancellation but not yet canceled Date of changes 14 July 2026 129,330 0.049 % USD 1.0944 Remarks: 43,110 ADS were repurchased on the New York Stock Exchange on July 14, 2026 (U.S. time) at US$3.2831 per ADS. Each ADS represents three class A ordinary shares. 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) 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 15,233,755 Class B ordinary shares). |
| FF305 Page 6 of 9 v 1.3.0 Confirmation Not applicable Notes to Section I: 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 Board Rule 13.25B / GEM Rule 17.27B, whichever is the later. 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 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 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 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 notes, these must be disclosed as 2 separate categories. 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 shares (excluding treasury shares) being disclosed in this Next Day Disclosure Return. 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”. 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. 5. The closing balance date is the date of the last relevant event being disclosed. 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 / GEM Rules 13.13(1), 17.27A and 17.35), even if the repurchased or redeemed shares have not yet been cancelled. 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 at the closing balance date in Part A. Details of these repurchased or redeemed shares shall be disclosed in Part B. 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. 8. “Identical” means in this context: - the securities are of the same nominal value with the same amount called up or paid up; - 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 exactly the same sum (gross and net); and - they carry the same rights as to unrestricted transfer, attendance and voting at meetings and rank pari passu in all other respects. |
| FF305 Page 7 of 9 v 1.3.0 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). Repurchase report Section II 1. Class of shares WVR ordinary shares Type of shares A Listed on the Exchange Yes Stock code (if listed) 02390 Description A. Repurchase report Trading date Number of shares repurchased Method of repurchase (Note 1) Repurchase price per share or highest repurchase price per share $ Lowest repurchase price per share $ Aggregate price paid $ 1). 14 July 2026 129,330 On another stock exchange New York Stock Exchange USD 1.1 USD 1.0867 USD 141,535.38 Total number of shares repurchased 129,330 Aggregate price paid $ USD 141,535.38 Number of shares repurchased for cancellation 129,330 Number of shares repurchased for holding as treasury shares 0 B. Additional information for issuer who has a primary listing on the Exchange 1). Date of the resolution granting the repurchase mandate 30 June 2026 2). Total number of shares which the issuer is authorised to repurchase under the repurchase mandate 25,461,758 3). Number of shares repurchased on the Exchange or another stock exchange under the repurchase mandate (a) 1,215,837 4). As a % of number of issued shares (excluding treasury shares) as at the date of the resolution granting the repurchase mandate (a) x 100 / number of issued shares (excluding treasury shares) as at the date of the resolution granting the repurchase mandate 0.4775 % 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 (Note 2) Up to 13 August 2026 |
| FF305 Page 8 of 9 v 1.3.0 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 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 exchange set out in Part A above were made in accordance with the domestic rules applying to repurchases on that other stock exchange. Notes to Section II: 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. 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) 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, without the prior approval of the Exchange. |
| FF305 Page 9 of 9 v 1.3.0 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 under Main Board Rule 10.06B / GEM Rule 13.14B. Report of on-market sale of treasury shares Not applicable Submitted by: Lau Yee Wa (Name) Title: Company Secretary (Director, Secretary or other Duly Authorised Officer) |
Exhibit 99.6
| FF305 Page 1 of 9 v 1.3.0 Next Day Disclosure Return (Equity issuer - changes in issued shares or treasury shares, share buybacks and/or on-market sales of treasury shares) Instrument: Equity issuer Status: New Submission Name of Issuer: Zhihu Inc. Date Submitted: 16 July 2026 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 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 Exchange (the “GEM Rules”). Section I 1. Class of shares WVR ordinary shares Type of shares A Listed on the Exchange Yes Stock code (if listed) 02390 Description A. Changes in issued shares or treasury shares Events Changes in issued shares (excluding treasury shares) Number of issued shares (excluding treasury shares) As a % of existing number of issued shares (excluding treasury shares) before the relevant event (Note 3) Changes in treasury shares Number of treasury shares Issue/ selling price per share (Note 4) Total number of issued shares Opening balance as at (Note 1) 14 July 2026 250,907,515 0 250,907,515 1). Other (please specify) See Part B Date of changes 15 July 2026 % Closing balance as at (Notes 5 and 6) 15 July 2026 250,907,515 0 250,907,515 |
| FF305 Page 2 of 9 v 1.3.0 B. Shares redeemed or repurchased for cancellation but not yet cancelled as at the closing balance date (Notes 5 and 6) 1). Shares repurchased for cancellation but not yet canceled Date of changes 01 April 2026 328,488 0.122 % USD 0.9366 2). Shares repurchased for cancellation but not yet canceled Date of changes 02 April 2026 169,593 0.063 % USD 0.9938 3). Shares repurchased for cancellation but not yet canceled Date of changes 06 April 2026 391,761 0.145 % USD 1.0333 4). Shares repurchased for cancellation but not yet canceled Date of changes 07 April 2026 391,134 0.145 % USD 1.0268 5). Shares repurchased for cancellation but not yet canceled Date of changes 08 April 2026 279,687 0.104 % USD 1.0802 6). Shares repurchased for cancellation but not yet canceled Date of changes 09 April 2026 221,358 0.082 % USD 1.0885 7). Shares repurchased for cancellation but not yet canceled Date of changes 10 April 2026 365,856 0.136 % USD 1.0915 8). Shares repurchased for cancellation but not yet canceled Date of changes 13 April 2026 341,901 0.127 % USD 1.0864 9). Shares repurchased for cancellation but not yet canceled Date of changes 14 April 2026 347,052 0.129 % USD 1.136 10). Shares repurchased for cancellation but not yet canceled Date of changes 15 April 2026 230,343 0.085 % USD 1.179 11). Shares repurchased for cancellation but not yet canceled Date of changes 16 April 2026 366,780 0.136 % USD 1.2245 |
| FF305 Page 3 of 9 v 1.3.0 12). Shares repurchased for cancellation but not yet canceled Date of changes 17 April 2026 422,766 0.157 % USD 1.2768 13). Shares repurchased for cancellation but not yet canceled Date of changes 20 April 2026 394,065 0.146 % USD 1.2564 14). Shares repurchased for cancellation but not yet canceled Date of changes 21 April 2026 368,010 0.136 % USD 1.2124 15). Shares repurchased for cancellation but not yet canceled Date of changes 22 April 2026 361,530 0.134 % USD 1.242 16). Shares repurchased for cancellation but not yet canceled Date of changes 05 June 2026 111,630 0.042 % USD 1.0357 17). Shares repurchased for cancellation but not yet canceled Date of changes 08 June 2026 123,270 0.046 % USD 1.0798 18). Shares repurchased for cancellation but not yet canceled Date of changes 09 June 2026 125,646 0.047 % USD 1.0525 19). Shares repurchased for cancellation but not yet canceled Date of changes 10 June 2026 89,463 0.034 % USD 1.0666 20). Shares repurchased for cancellation but not yet canceled Date of changes 11 June 2026 81,639 0.031 % USD 1.0545 21). Shares repurchased for cancellation but not yet canceled Date of changes 12 June 2026 58,401 0.022 % USD 1.0604 22). Shares repurchased for cancellation but not yet canceled Date of changes 15 June 2026 29,277 0.011 % USD 1.0722 23). Shares repurchased for cancellation but not yet canceled Date of changes 16 June 2026 104,325 0.039 % USD 1.06 |
| FF305 Page 4 of 9 v 1.3.0 24). Shares repurchased for cancellation but not yet canceled Date of changes 17 June 2026 113,886 0.043 % USD 1.0473 25). Shares repurchased for cancellation but not yet canceled Date of changes 18 June 2026 105,207 0.04 % USD 1.0454 26). Shares repurchased for cancellation but not yet canceled Date of changes 22 June 2026 75,387 0.028 % USD 1.0284 27). Shares repurchased for cancellation but not yet canceled Date of changes 23 June 2026 102,600 0.039 % USD 1.0332 28). Shares repurchased for cancellation but not yet canceled Date of changes 24 June 2026 107,457 0.04 % USD 1.0218 29). Shares repurchased for cancellation but not yet canceled Date of changes 25 June 2026 122,250 0.046 % USD 0.9925 30). Shares repurchased for cancellation but not yet canceled Date of changes 26 June 2026 5,100 0.002 % USD 0.9833 31). Shares repurchased for cancellation but not yet canceled Date of changes 29 June 2026 13,494 0.005 % USD 1.0331 32). Shares repurchased for cancellation but not yet canceled Date of changes 30 June 2026 139,809 0.053 % USD 1.0519 33). Shares repurchased for cancellation but not yet canceled Date of changes 01 July 2026 108,498 0.041 % USD 1.058 34). Shares repurchased for cancellation but not yet canceled Date of changes 02 July 2026 135,000 0.051 % USD 1.0484 35). Shares repurchased for cancellation but not yet canceled Date of changes 06 July 2026 113,208 0.043 % USD 1.0608 |
| FF305 Page 5 of 9 v 1.3.0 36). Shares repurchased for cancellation but not yet canceled Date of changes 07 July 2026 100,641 0.038 % USD 1.0811 37). Shares repurchased for cancellation but not yet canceled Date of changes 08 July 2026 111,318 0.042 % USD 1.0705 38). Shares repurchased for cancellation but not yet canceled Date of changes 09 July 2026 124,254 0.047 % USD 1.0615 39). Shares repurchased for cancellation but not yet canceled Date of changes 10 July 2026 122,445 0.046 % USD 1.0899 40). Shares repurchased for cancellation but not yet canceled Date of changes 13 July 2026 131,334 0.049 % USD 1.0908 41). Shares repurchased for cancellation but not yet canceled Date of changes 14 July 2026 129,330 0.049 % USD 1.0944 42). Shares repurchased for cancellation but not yet canceled Date of changes 15 July 2026 127,896 0.048 % USD 1.0944 Remarks: 42,632 ADS were repurchased on the New York Stock Exchange on July 15, 2026 (U.S. time) at US$3.2831 per ADS. Each ADS represents three class A ordinary shares. 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) 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 15,233,755 Class B ordinary shares). |
| FF305 Page 6 of 9 v 1.3.0 Confirmation Not applicable Notes to Section I: 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 Board Rule 13.25B / GEM Rule 17.27B, whichever is the later. 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 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 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 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 notes, these must be disclosed as 2 separate categories. 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 shares (excluding treasury shares) being disclosed in this Next Day Disclosure Return. 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”. 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. 5. The closing balance date is the date of the last relevant event being disclosed. 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 / GEM Rules 13.13(1), 17.27A and 17.35), even if the repurchased or redeemed shares have not yet been cancelled. 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 at the closing balance date in Part A. Details of these repurchased or redeemed shares shall be disclosed in Part B. 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. 8. “Identical” means in this context: - the securities are of the same nominal value with the same amount called up or paid up; - 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 exactly the same sum (gross and net); and - they carry the same rights as to unrestricted transfer, attendance and voting at meetings and rank pari passu in all other respects. |
| FF305 Page 7 of 9 v 1.3.0 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). Repurchase report Section II 1. Class of shares WVR ordinary shares Type of shares A Listed on the Exchange Yes Stock code (if listed) 02390 Description A. Repurchase report Trading date Number of shares repurchased Method of repurchase (Note 1) Repurchase price per share or highest repurchase price per share $ Lowest repurchase price per share $ Aggregate price paid $ 1). 15 July 2026 127,896 On another stock exchange New York Stock Exchange USD 1.1 USD 1.0733 USD 139,965.68 Total number of shares repurchased 127,896 Aggregate price paid $ USD 139,965.68 Number of shares repurchased for cancellation 127,896 Number of shares repurchased for holding as treasury shares 0 B. Additional information for issuer who has a primary listing on the Exchange 1). Date of the resolution granting the repurchase mandate 30 June 2026 2). Total number of shares which the issuer is authorised to repurchase under the repurchase mandate 25,461,758 3). Number of shares repurchased on the Exchange or another stock exchange under the repurchase mandate (a) 1,343,733 4). As a % of number of issued shares (excluding treasury shares) as at the date of the resolution granting the repurchase mandate (a) x 100 / number of issued shares (excluding treasury shares) as at the date of the resolution granting the repurchase mandate 0.528 % 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 (Note 2) Up to 14 August 2026 |
| FF305 Page 8 of 9 v 1.3.0 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 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 exchange set out in Part A above were made in accordance with the domestic rules applying to repurchases on that other stock exchange. Notes to Section II: 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. 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) 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, without the prior approval of the Exchange. |
| FF305 Page 9 of 9 v 1.3.0 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 under Main Board Rule 10.06B / GEM Rule 13.14B. Report of on-market sale of treasury shares Not applicable Submitted by: Lau Yee Wa (Name) Title: Company Secretary (Director, Secretary or other Duly Authorised Officer) |
