ZH 6-K
Zhihu Inc. (ZH)
6-K
2026-08-17
For: 2026-08-17
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Added on
August 17, 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 August 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 |
| Name | : | Han Wang |
| Title | : | Chief Financial Officer |
Date: August 17, 2026
Exhibit 99.1
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FF305<br>Page 1 of 8 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: 10 August 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 August 2026 244,789,786 0 244,789,786<br>1). Other (please specify)<br>See Part B<br>Date of changes 07 August 2026<br>%<br>Closing balance as at (Notes 5 and 6) 07 August 2026 244,789,786 0 244,789,786 |
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FF305<br>Page 2 of 8 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 July 2026<br>108,498 0.041 % USD 1.058<br>2). Shares repurchased for cancellation but not yet canceled<br>Date of changes 02 July 2026<br>135,000 0.051 % USD 1.0484<br>3). Shares repurchased for cancellation but not yet canceled<br>Date of changes 06 July 2026<br>113,208 0.043 % USD 1.0608<br>4). Shares repurchased for cancellation but not yet canceled<br>Date of changes 07 July 2026<br>100,641 0.038 % USD 1.0811<br>5). Shares repurchased for cancellation but not yet canceled<br>Date of changes 08 July 2026<br>111,318 0.042 % USD 1.0705<br>6). Shares repurchased for cancellation but not yet canceled<br>Date of changes 09 July 2026<br>124,254 0.047 % USD 1.0615<br>7). Shares repurchased for cancellation but not yet canceled<br>Date of changes 10 July 2026<br>122,445 0.046 % USD 1.0899<br>8). Shares repurchased for cancellation but not yet canceled<br>Date of changes 13 July 2026<br>131,334 0.049 % USD 1.0908<br>9). Shares repurchased for cancellation but not yet canceled<br>Date of changes 14 July 2026<br>129,330 0.049 % USD 1.0944<br>10). Shares repurchased for cancellation but not yet canceled<br>Date of changes 15 July 2026<br>127,896 0.048 % USD 1.0944<br>11). Shares repurchased for cancellation but not yet canceled<br>Date of changes 16 July 2026<br>90,432 0.034 % USD 1.0858 |
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FF305<br>Page 3 of 8 v 1.3.0<br>12). Shares repurchased for cancellation but not yet canceled<br>Date of changes 17 July 2026<br>112,047 0.042 % USD 1.0523<br>13). Shares repurchased for cancellation but not yet canceled<br>Date of changes 20 July 2026<br>126,138 0.047 % USD 1.0626<br>14). Shares repurchased for cancellation but not yet canceled<br>Date of changes 21 July 2026<br>77,673 0.029 % USD 1.0594<br>15). Shares repurchased for cancellation but not yet canceled<br>Date of changes 22 July 2026<br>84,732 0.032 % USD 1.0557<br>16). Shares repurchased for cancellation but not yet canceled<br>Date of changes 23 July 2026<br>127,761 0.048 % USD 1.0416<br>17). Shares repurchased for cancellation but not yet canceled<br>Date of changes 24 July 2026<br>131,601 0.049 % USD 1.0576<br>18). Shares repurchased for cancellation but not yet canceled<br>Date of changes 27 July 2026<br>114,864 0.043 % USD 1.0785<br>19). Shares repurchased for cancellation but not yet canceled<br>Date of changes 28 July 2026<br>98,460 0.038 % USD 1.0896<br>20). Shares repurchased for cancellation but not yet canceled<br>Date of changes 29 July 2026<br>104,430 0.04 % USD 1.1116<br>21). Shares repurchased for cancellation but not yet canceled<br>Date of changes 30 July 2026<br>105,000 0.04 % USD 1.0914<br>22). Shares repurchased for cancellation but not yet canceled<br>Date of changes 31 July 2026<br>97,752 0.038 % USD 1.0926<br>23). Shares repurchased for cancellation but not yet canceled<br>Date of changes 03 August 2026<br>97,581 0.038 % USD 1.1041 |
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FF305<br>Page 4 of 8 v 1.3.0<br>24). Shares repurchased for cancellation but not yet canceled<br>Date of changes 04 August 2026<br>105,000 0.04 % USD 1.1066<br>25). Shares repurchased for cancellation but not yet canceled<br>Date of changes 05 August 2026<br>100,644 0.039 % USD 1.0945<br>26). Shares repurchased for cancellation but not yet canceled<br>Date of changes 06 August 2026<br>96,618 0.037 % USD 1.0838<br>27). Shares repurchased for cancellation but not yet canceled<br>Date of changes 07 August 2026<br>80,502 0.031 % USD 1.0825<br>Remarks: 26,834 ADS were repurchased on the New York Stock Exchange on August 7, 2026 (U.S. time) at US$3.2474 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 259,652,105 (comprising 244,789,786 Class A ordinary shares and<br>14,862,319 Class B ordinary shares). |
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FF305<br>Page 5 of 8 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 6 of 8 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 August 2026 80,502 On another stock exchange<br>New York Stock Exchange<br>USD 1.0833 USD 1.0733 USD 87,141.11<br>Total number of shares<br>repurchased 80,502 Aggregate price paid $ USD 87,141.11<br>Number of shares<br>repurchased for<br>cancellation<br>80,502<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) 3,094,968<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>1.216 %<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 September 2026 |
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FF305<br>Page 7 of 8 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 8 of 8 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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FF305<br>Page 1 of 8 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: 11 August 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 August 2026 244,789,786 0 244,789,786<br>1). Other (please specify)<br>See Part B<br>Date of changes 10 August 2026<br>%<br>Closing balance as at (Notes 5 and 6) 10 August 2026 244,789,786 0 244,789,786 |
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FF305<br>Page 2 of 8 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 July 2026<br>108,498 0.041 % USD 1.058<br>2). Shares repurchased for cancellation but not yet canceled<br>Date of changes 02 July 2026<br>135,000 0.051 % USD 1.0484<br>3). Shares repurchased for cancellation but not yet canceled<br>Date of changes 06 July 2026<br>113,208 0.043 % USD 1.0608<br>4). Shares repurchased for cancellation but not yet canceled<br>Date of changes 07 July 2026<br>100,641 0.038 % USD 1.0811<br>5). Shares repurchased for cancellation but not yet canceled<br>Date of changes 08 July 2026<br>111,318 0.042 % USD 1.0705<br>6). Shares repurchased for cancellation but not yet canceled<br>Date of changes 09 July 2026<br>124,254 0.047 % USD 1.0615<br>7). Shares repurchased for cancellation but not yet canceled<br>Date of changes 10 July 2026<br>122,445 0.046 % USD 1.0899<br>8). Shares repurchased for cancellation but not yet canceled<br>Date of changes 13 July 2026<br>131,334 0.049 % USD 1.0908<br>9). Shares repurchased for cancellation but not yet canceled<br>Date of changes 14 July 2026<br>129,330 0.049 % USD 1.0944<br>10). Shares repurchased for cancellation but not yet canceled<br>Date of changes 15 July 2026<br>127,896 0.048 % USD 1.0944<br>11). Shares repurchased for cancellation but not yet canceled<br>Date of changes 16 July 2026<br>90,432 0.034 % USD 1.0858 |
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FF305<br>Page 3 of 8 v 1.3.0<br>12). Shares repurchased for cancellation but not yet canceled<br>Date of changes 17 July 2026<br>112,047 0.042 % USD 1.0523<br>13). Shares repurchased for cancellation but not yet canceled<br>Date of changes 20 July 2026<br>126,138 0.047 % USD 1.0626<br>14). Shares repurchased for cancellation but not yet canceled<br>Date of changes 21 July 2026<br>77,673 0.029 % USD 1.0594<br>15). Shares repurchased for cancellation but not yet canceled<br>Date of changes 22 July 2026<br>84,732 0.032 % USD 1.0557<br>16). Shares repurchased for cancellation but not yet canceled<br>Date of changes 23 July 2026<br>127,761 0.048 % USD 1.0416<br>17). Shares repurchased for cancellation but not yet canceled<br>Date of changes 24 July 2026<br>131,601 0.049 % USD 1.0576<br>18). Shares repurchased for cancellation but not yet canceled<br>Date of changes 27 July 2026<br>114,864 0.043 % USD 1.0785<br>19). Shares repurchased for cancellation but not yet canceled<br>Date of changes 28 July 2026<br>98,460 0.038 % USD 1.0896<br>20). Shares repurchased for cancellation but not yet canceled<br>Date of changes 29 July 2026<br>104,430 0.04 % USD 1.1116<br>21). Shares repurchased for cancellation but not yet canceled<br>Date of changes 30 July 2026<br>105,000 0.04 % USD 1.0914<br>22). Shares repurchased for cancellation but not yet canceled<br>Date of changes 31 July 2026<br>97,752 0.038 % USD 1.0926<br>23). Shares repurchased for cancellation but not yet canceled<br>Date of changes 03 August 2026<br>97,581 0.038 % USD 1.1041 |
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FF305<br>Page 4 of 8 v 1.3.0<br>24). Shares repurchased for cancellation but not yet canceled<br>Date of changes 04 August 2026<br>105,000 0.04 % USD 1.1066<br>25). Shares repurchased for cancellation but not yet canceled<br>Date of changes 05 August 2026<br>100,644 0.039 % USD 1.0945<br>26). Shares repurchased for cancellation but not yet canceled<br>Date of changes 06 August 2026<br>96,618 0.037 % USD 1.0838<br>27). Shares repurchased for cancellation but not yet canceled<br>Date of changes 07 August 2026<br>80,502 0.031 % USD 1.0825<br>28). Shares repurchased for cancellation but not yet canceled<br>Date of changes 10 August 2026<br>101,289 0.039 % USD 1.0986<br>Remarks: 33,763 ADS were repurchased on the New York Stock Exchange on August 10, 2026 (U.S. time) at US$3.2957 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 259,652,105 (comprising 244,789,786 Class A ordinary shares and<br>14,862,319 Class B ordinary shares). |
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FF305<br>Page 5 of 8 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 6 of 8 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). 10 August 2026 101,289 On another stock exchange<br>New York Stock Exchange<br>USD 1.1 USD 1.0933 USD 111,272.74<br>Total number of shares<br>repurchased 101,289 Aggregate price paid $ USD 111,272.74<br>Number of shares<br>repurchased for<br>cancellation<br>101,289<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) 3,196,257<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>1.255 %<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 09 September 2026 |
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FF305<br>Page 7 of 8 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 8 of 8 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 99.3
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FF305<br>Page 1 of 8 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: 12 August 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) 10 August 2026 244,789,786 0 244,789,786<br>1). Other (please specify)<br>See Part B<br>Date of changes 11 August 2026<br>%<br>Closing balance as at (Notes 5 and 6) 11 August 2026 244,789,786 0 244,789,786 |
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FF305<br>Page 2 of 8 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 July 2026<br>108,498 0.041 % USD 1.058<br>2). Shares repurchased for cancellation but not yet canceled<br>Date of changes 02 July 2026<br>135,000 0.051 % USD 1.0484<br>3). Shares repurchased for cancellation but not yet canceled<br>Date of changes 06 July 2026<br>113,208 0.043 % USD 1.0608<br>4). Shares repurchased for cancellation but not yet canceled<br>Date of changes 07 July 2026<br>100,641 0.038 % USD 1.0811<br>5). Shares repurchased for cancellation but not yet canceled<br>Date of changes 08 July 2026<br>111,318 0.042 % USD 1.0705<br>6). Shares repurchased for cancellation but not yet canceled<br>Date of changes 09 July 2026<br>124,254 0.047 % USD 1.0615<br>7). Shares repurchased for cancellation but not yet canceled<br>Date of changes 10 July 2026<br>122,445 0.046 % USD 1.0899<br>8). Shares repurchased for cancellation but not yet canceled<br>Date of changes 13 July 2026<br>131,334 0.049 % USD 1.0908<br>9). Shares repurchased for cancellation but not yet canceled<br>Date of changes 14 July 2026<br>129,330 0.049 % USD 1.0944<br>10). Shares repurchased for cancellation but not yet canceled<br>Date of changes 15 July 2026<br>127,896 0.048 % USD 1.0944<br>11). Shares repurchased for cancellation but not yet canceled<br>Date of changes 16 July 2026<br>90,432 0.034 % USD 1.0858 |
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FF305<br>Page 3 of 8 v 1.3.0<br>12). Shares repurchased for cancellation but not yet canceled<br>Date of changes 17 July 2026<br>112,047 0.042 % USD 1.0523<br>13). Shares repurchased for cancellation but not yet canceled<br>Date of changes 20 July 2026<br>126,138 0.047 % USD 1.0626<br>14). Shares repurchased for cancellation but not yet canceled<br>Date of changes 21 July 2026<br>77,673 0.029 % USD 1.0594<br>15). Shares repurchased for cancellation but not yet canceled<br>Date of changes 22 July 2026<br>84,732 0.032 % USD 1.0557<br>16). Shares repurchased for cancellation but not yet canceled<br>Date of changes 23 July 2026<br>127,761 0.048 % USD 1.0416<br>17). Shares repurchased for cancellation but not yet canceled<br>Date of changes 24 July 2026<br>131,601 0.049 % USD 1.0576<br>18). Shares repurchased for cancellation but not yet canceled<br>Date of changes 27 July 2026<br>114,864 0.043 % USD 1.0785<br>19). Shares repurchased for cancellation but not yet canceled<br>Date of changes 28 July 2026<br>98,460 0.038 % USD 1.0896<br>20). Shares repurchased for cancellation but not yet canceled<br>Date of changes 29 July 2026<br>104,430 0.04 % USD 1.1116<br>21). Shares repurchased for cancellation but not yet canceled<br>Date of changes 30 July 2026<br>105,000 0.04 % USD 1.0914<br>22). Shares repurchased for cancellation but not yet canceled<br>Date of changes 31 July 2026<br>97,752 0.038 % USD 1.0926<br>23). Shares repurchased for cancellation but not yet canceled<br>Date of changes 03 August 2026<br>97,581 0.038 % USD 1.1041 |
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FF305<br>Page 4 of 8 v 1.3.0<br>24). Shares repurchased for cancellation but not yet canceled<br>Date of changes 04 August 2026<br>105,000 0.04 % USD 1.1066<br>25). Shares repurchased for cancellation but not yet canceled<br>Date of changes 05 August 2026<br>100,644 0.039 % USD 1.0945<br>26). Shares repurchased for cancellation but not yet canceled<br>Date of changes 06 August 2026<br>96,618 0.037 % USD 1.0838<br>27). Shares repurchased for cancellation but not yet canceled<br>Date of changes 07 August 2026<br>80,502 0.031 % USD 1.0825<br>28). Shares repurchased for cancellation but not yet canceled<br>Date of changes 10 August 2026<br>101,289 0.039 % USD 1.0986<br>29). Shares repurchased for cancellation but not yet canceled<br>Date of changes 11 August 2026<br>95,079 0.037 % USD 1.1015<br>Remarks: 31,693 ADS were repurchased on the New York Stock Exchange on August 11, 2026 (U.S. time) at US$3.3044 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 259,652,105 (comprising 244,789,786 Class A ordinary shares and<br>14,862,319 Class B ordinary shares). |
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FF305<br>Page 5 of 8 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 6 of 8 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). 11 August 2026 95,079 On another stock exchange<br>New York Stock Exchange<br>USD 1.1067 USD 1.0967 USD 104,725.02<br>Total number of shares<br>repurchased 95,079 Aggregate price paid $ USD 104,725.02<br>Number of shares<br>repurchased for<br>cancellation<br>95,079<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) 3,291,336<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>1.293 %<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 10 September 2026 |
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FF305<br>Page 7 of 8 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 8 of 8 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 8 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: 13 August 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) 11 August 2026 244,789,786 0 244,789,786<br>1). Other (please specify)<br>See Part B<br>Date of changes 12 August 2026<br>%<br>Closing balance as at (Notes 5 and 6) 12 August 2026 244,789,786 0 244,789,786 |
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FF305<br>Page 2 of 8 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 July 2026<br>108,498 0.041 % USD 1.058<br>2). Shares repurchased for cancellation but not yet canceled<br>Date of changes 02 July 2026<br>135,000 0.051 % USD 1.0484<br>3). Shares repurchased for cancellation but not yet canceled<br>Date of changes 06 July 2026<br>113,208 0.043 % USD 1.0608<br>4). Shares repurchased for cancellation but not yet canceled<br>Date of changes 07 July 2026<br>100,641 0.038 % USD 1.0811<br>5). Shares repurchased for cancellation but not yet canceled<br>Date of changes 08 July 2026<br>111,318 0.042 % USD 1.0705<br>6). Shares repurchased for cancellation but not yet canceled<br>Date of changes 09 July 2026<br>124,254 0.047 % USD 1.0615<br>7). Shares repurchased for cancellation but not yet canceled<br>Date of changes 10 July 2026<br>122,445 0.046 % USD 1.0899<br>8). Shares repurchased for cancellation but not yet canceled<br>Date of changes 13 July 2026<br>131,334 0.049 % USD 1.0908<br>9). Shares repurchased for cancellation but not yet canceled<br>Date of changes 14 July 2026<br>129,330 0.049 % USD 1.0944<br>10). Shares repurchased for cancellation but not yet canceled<br>Date of changes 15 July 2026<br>127,896 0.048 % USD 1.0944<br>11). Shares repurchased for cancellation but not yet canceled<br>Date of changes 16 July 2026<br>90,432 0.034 % USD 1.0858 |
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FF305<br>Page 3 of 8 v 1.3.0<br>12). Shares repurchased for cancellation but not yet canceled<br>Date of changes 17 July 2026<br>112,047 0.042 % USD 1.0523<br>13). Shares repurchased for cancellation but not yet canceled<br>Date of changes 20 July 2026<br>126,138 0.047 % USD 1.0626<br>14). Shares repurchased for cancellation but not yet canceled<br>Date of changes 21 July 2026<br>77,673 0.029 % USD 1.0594<br>15). Shares repurchased for cancellation but not yet canceled<br>Date of changes 22 July 2026<br>84,732 0.032 % USD 1.0557<br>16). Shares repurchased for cancellation but not yet canceled<br>Date of changes 23 July 2026<br>127,761 0.048 % USD 1.0416<br>17). Shares repurchased for cancellation but not yet canceled<br>Date of changes 24 July 2026<br>131,601 0.049 % USD 1.0576<br>18). Shares repurchased for cancellation but not yet canceled<br>Date of changes 27 July 2026<br>114,864 0.043 % USD 1.0785<br>19). Shares repurchased for cancellation but not yet canceled<br>Date of changes 28 July 2026<br>98,460 0.038 % USD 1.0896<br>20). Shares repurchased for cancellation but not yet canceled<br>Date of changes 29 July 2026<br>104,430 0.04 % USD 1.1116<br>21). Shares repurchased for cancellation but not yet canceled<br>Date of changes 30 July 2026<br>105,000 0.04 % USD 1.0914<br>22). Shares repurchased for cancellation but not yet canceled<br>Date of changes 31 July 2026<br>97,752 0.038 % USD 1.0926<br>23). Shares repurchased for cancellation but not yet canceled<br>Date of changes 03 August 2026<br>97,581 0.038 % USD 1.1041 |
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FF305<br>Page 4 of 8 v 1.3.0<br>24). Shares repurchased for cancellation but not yet canceled<br>Date of changes 04 August 2026<br>105,000 0.04 % USD 1.1066<br>25). Shares repurchased for cancellation but not yet canceled<br>Date of changes 05 August 2026<br>100,644 0.039 % USD 1.0945<br>26). Shares repurchased for cancellation but not yet canceled<br>Date of changes 06 August 2026<br>96,618 0.037 % USD 1.0838<br>27). Shares repurchased for cancellation but not yet canceled<br>Date of changes 07 August 2026<br>80,502 0.031 % USD 1.0825<br>28). Shares repurchased for cancellation but not yet canceled<br>Date of changes 10 August 2026<br>101,289 0.039 % USD 1.0986<br>29). Shares repurchased for cancellation but not yet canceled<br>Date of changes 11 August 2026<br>95,079 0.037 % USD 1.1015<br>30). Shares repurchased for cancellation but not yet canceled<br>Date of changes 12 August 2026<br>86,001 0.033 % USD 1.0653<br>Remarks: 28,667 ADS were repurchased on the New York Stock Exchange on August 12, 2026 (U.S. time) at US$3.1960 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 259,652,105 (comprising 244,789,786 Class A ordinary shares and<br>14,862,319 Class B ordinary shares). |
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FF305<br>Page 5 of 8 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 6 of 8 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). 12 August 2026 86,001 On another stock exchange<br>New York Stock Exchange<br>USD 1.1 USD 1.0517 USD 91,620.32<br>Total number of shares<br>repurchased 86,001 Aggregate price paid $ USD 91,620.32<br>Number of shares<br>repurchased for<br>cancellation<br>86,001<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) 3,377,337<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>1.326 %<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 11 September 2026 |
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FF305<br>Page 7 of 8 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 8 of 8 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 8 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: 14 August 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) 12 August 2026 244,789,786 0 244,789,786<br>1). Other (please specify)<br>See Part B<br>Date of changes 13 August 2026<br>%<br>Closing balance as at (Notes 5 and 6) 13 August 2026 244,789,786 0 244,789,786 |
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FF305<br>Page 2 of 8 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 July 2026<br>108,498 0.041 % USD 1.058<br>2). Shares repurchased for cancellation but not yet canceled<br>Date of changes 02 July 2026<br>135,000 0.051 % USD 1.0484<br>3). Shares repurchased for cancellation but not yet canceled<br>Date of changes 06 July 2026<br>113,208 0.043 % USD 1.0608<br>4). Shares repurchased for cancellation but not yet canceled<br>Date of changes 07 July 2026<br>100,641 0.038 % USD 1.0811<br>5). Shares repurchased for cancellation but not yet canceled<br>Date of changes 08 July 2026<br>111,318 0.042 % USD 1.0705<br>6). Shares repurchased for cancellation but not yet canceled<br>Date of changes 09 July 2026<br>124,254 0.047 % USD 1.0615<br>7). Shares repurchased for cancellation but not yet canceled<br>Date of changes 10 July 2026<br>122,445 0.046 % USD 1.0899<br>8). Shares repurchased for cancellation but not yet canceled<br>Date of changes 13 July 2026<br>131,334 0.049 % USD 1.0908<br>9). Shares repurchased for cancellation but not yet canceled<br>Date of changes 14 July 2026<br>129,330 0.049 % USD 1.0944<br>10). Shares repurchased for cancellation but not yet canceled<br>Date of changes 15 July 2026<br>127,896 0.048 % USD 1.0944<br>11). Shares repurchased for cancellation but not yet canceled<br>Date of changes 16 July 2026<br>90,432 0.034 % USD 1.0858 |
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FF305<br>Page 3 of 8 v 1.3.0<br>12). Shares repurchased for cancellation but not yet canceled<br>Date of changes 17 July 2026<br>112,047 0.042 % USD 1.0523<br>13). Shares repurchased for cancellation but not yet canceled<br>Date of changes 20 July 2026<br>126,138 0.047 % USD 1.0626<br>14). Shares repurchased for cancellation but not yet canceled<br>Date of changes 21 July 2026<br>77,673 0.029 % USD 1.0594<br>15). Shares repurchased for cancellation but not yet canceled<br>Date of changes 22 July 2026<br>84,732 0.032 % USD 1.0557<br>16). Shares repurchased for cancellation but not yet canceled<br>Date of changes 23 July 2026<br>127,761 0.048 % USD 1.0416<br>17). Shares repurchased for cancellation but not yet canceled<br>Date of changes 24 July 2026<br>131,601 0.049 % USD 1.0576<br>18). Shares repurchased for cancellation but not yet canceled<br>Date of changes 27 July 2026<br>114,864 0.043 % USD 1.0785<br>19). Shares repurchased for cancellation but not yet canceled<br>Date of changes 28 July 2026<br>98,460 0.038 % USD 1.0896<br>20). Shares repurchased for cancellation but not yet canceled<br>Date of changes 29 July 2026<br>104,430 0.04 % USD 1.1116<br>21). Shares repurchased for cancellation but not yet canceled<br>Date of changes 30 July 2026<br>105,000 0.04 % USD 1.0914<br>22). Shares repurchased for cancellation but not yet canceled<br>Date of changes 31 July 2026<br>97,752 0.038 % USD 1.0926<br>23). Shares repurchased for cancellation but not yet canceled<br>Date of changes 03 August 2026<br>97,581 0.038 % USD 1.1041 |
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FF305<br>Page 4 of 8 v 1.3.0<br>24). Shares repurchased for cancellation but not yet canceled<br>Date of changes 04 August 2026<br>105,000 0.04 % USD 1.1066<br>25). Shares repurchased for cancellation but not yet canceled<br>Date of changes 05 August 2026<br>100,644 0.039 % USD 1.0945<br>26). Shares repurchased for cancellation but not yet canceled<br>Date of changes 06 August 2026<br>96,618 0.037 % USD 1.0838<br>27). Shares repurchased for cancellation but not yet canceled<br>Date of changes 07 August 2026<br>80,502 0.031 % USD 1.0825<br>28). Shares repurchased for cancellation but not yet canceled<br>Date of changes 10 August 2026<br>101,289 0.039 % USD 1.0986<br>29). Shares repurchased for cancellation but not yet canceled<br>Date of changes 11 August 2026<br>95,079 0.037 % USD 1.1015<br>30). Shares repurchased for cancellation but not yet canceled<br>Date of changes 12 August 2026<br>86,001 0.033 % USD 1.0653<br>31). Shares repurchased for cancellation but not yet canceled<br>Date of changes 13 August 2026<br>99,522 0.038 % USD 1.0677<br>Remarks: 33,174 ADS were repurchased on the New York Stock Exchange on August 13, 2026 (U.S. time) at US$3.2032 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 259,652,105 (comprising 244,789,786 Class A ordinary shares and<br>14,862,319 Class B ordinary shares). |
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FF305<br>Page 5 of 8 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 6 of 8 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). 13 August 2026 99,522 On another stock exchange<br>New York Stock Exchange<br>USD 1.0767 USD 1.06 USD 106,263.89<br>Total number of shares<br>repurchased 99,522 Aggregate price paid $ USD 106,263.89<br>Number of shares<br>repurchased for<br>cancellation<br>99,522<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) 3,476,859<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>1.366 %<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 12 September 2026 |
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FF305<br>Page 7 of 8 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 8 of 8 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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