Vault-13

ZHIHU INC

ADS · CUSIP 98955N108

38 institutional holders -4 vs Q4 2023
120,681,010120.7m shares reported held*
$82.5mreported value*
7 new 9 added 7 reduced 11 sold out net bought ≈ $12.3m (+18.0m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $0.68. Options: 5 managers hold calls ($195.3k notional), 2 hold puts ($4.0k).

Trends to Q1 2024

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 46Q4 22: 55Q1 23: 59Q2 23: 48Q3 23: 47Q4 23: 42Q1 24: 3838Q3 22Q1 23Q3 23Q1 24
Numbers
QuarterHolders
Q3 202246
Q4 202255
Q1 202359
Q2 202348
Q3 202347
Q4 202342
Q1 202438

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q4 22: 34 bought or addedQ4 22: 18 cut or sold outQ4 22Q1 23: 31 bought or addedQ1 23: 30 cut or sold outQ1 23Q2 23: 17 bought or addedQ2 23: 31 cut or sold outQ2 23Q3 23: 27 bought or addedQ3 23: 22 cut or sold outQ3 23Q4 23: 22 bought or addedQ4 23: 25 cut or sold outQ4 23Q1 24: 16 bought or addedQ1 24: 18 cut or sold outQ1 24
Numbers
QuarterBought or addedCut or sold out
Q4 20223418
Q1 20233130
Q2 20231731
Q3 20232722
Q4 20232225
Q1 20241618

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$50k$100k$150k$200kQ2 23 calls: $62.2kQ2 23 puts: $43.2kQ2 23P/C 0.69Q3 23 calls: $48.1kQ3 23 puts: $35.5kQ3 23P/C 0.74Q4 23 calls: $44.5kQ4 23 puts: $21.0kQ4 23P/C 0.47Q1 24 calls: $195.3kQ1 24 puts: $4.0kQ1 24P/C 0.02
Numbers
QuarterCallsPutsP/C
Q2 2023$62.2k$43.2k0.69
Q3 2023$48.1k$35.5k0.74
Q4 2023$44.5k$21.0k0.47
Q1 2024$195.3k$4.0k0.02

Biggest buyers

Alibaba Group Holding Ltd New +10,526,314+10.5m
BlackRock Inc. New +2,314,172+2.3m
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND New +2,098,700+2.1m
MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT LLC Added +1,753,312+1.8m
MORGAN STANLEY Added +1,026,681+1.0m
CANADA PENSION PLAN INVESTMENT BOARD New +838,600+838.6k
PFG Investments, LLC New +570,005+570.0k
STATE STREET CORP Added +337,789+337.8k
NORTHERN TRUST CORP New +136,740+136.7k
TWO SIGMA SECURITIES, LLC New +102,412+102.4k

Biggest sellers

JANE STREET GROUP, LLC Reduced -1,032,453-1.0m
Jump Financial, LLC Sold out -254,735-254.7k
CITADEL ADVISORS LLC Reduced -194,697-194.7k
GOLDMAN SACHS GROUP INC Reduced -58,153-58.2k
XTX Topco Ltd Reduced -52,673-52.7k
Tower Research Capital LLC (TRC) Reduced -40,723-40.7k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Sold out -35,439-35.4k
MILLENNIUM MANAGEMENT LLC Sold out -24,479-24.5k
Scientech Research LLC Sold out -22,340-22.3k
Vident Advisory, LLC Sold out -22,335-22.3k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP New $115.3k169.5k shares
GROUP ONE TRADING LLC Added $50.4k73.7k shares
CITADEL ADVISORS LLC Added $29.7k43.4k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares
SIMPLEX TRADING, LLC Reduced $0900 shares

Biggest puts

CITADEL ADVISORS LLC New $4.0k5.8k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q1 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT LLC 4.39% of their portfolio SAN FRANCISCO, CA 32,571,12932.6m $22.3m $22.3m 4.39% Added +1.8m +1,753,312
2 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 18,319,77718.3m $12.5m $12.5m 0.00% Added +7.4k +7,364
3 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 17,855,40317.9m $12.2m $12.2m 0.00% Added +1.0m +1,026,681
4 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 16,059,31916.1m $11.0m $11.0m 0.00% Reduced -58.2k -58,153
5 Alibaba Group Holding Ltd 4.64% of their portfolio Causeway Bay, K3 10,526,31410.5m $7.2m $7.2m 4.64% New
6 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 6,326,2586.3m $4.3m $4.3m 0.00% Unchanged
7 UBS Group AG 0.00% of their portfolio ZURICH, V8 5,876,7305.9m $4.0m $4.0m 0.00% Added +28.6k +28,596
8 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 4,300,1464.3m $2.9m $2.9m 0.00% Added +337.8k +337,789
9 BlackRock Inc. 0.00% of their portfolio New York, NY 2,314,1722.3m $1.6m $1.6m 0.00% New
10 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.01% of their portfolio TORONTO, A6 2,098,7002.1m $1.4m $1.4m 0.01% New
11 California Public Employees Retirement System 0.00% of their portfolio Sacramento, CA 847,002847.0k $579.3k $579.3k 0.00% Unchanged
12 CANADA PENSION PLAN INVESTMENT BOARD 0.00% of their portfolio TORONTO ONTARIO, A6 838,600838.6k $573.5k $573.5k 0.00% New
13 PFG Investments, LLC 0.02% of their portfolio WOODBURY, NY 570,005570.0k $389.8k $389.8k 0.02% New
14 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 525,700525.7k $360.0k $360.0k 0.00% Unchanged
15 NOMURA HOLDINGS INC 0.00% of their portfolio TOKYO, M0 450,000450.0k $307.8k $307.8k 0.00% Unchanged
16 Prescott Group Capital Management, L.L.C. 0.04% of their portfolio Tulsa, OK 346,260346.3k $237.0k $237.0k 0.04% Unchanged
17 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 260,046260.0k $177.8k $177.8k 0.00% Added +10.8k +10,805
18 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 136,740136.7k $93.5k $93.5k 0.00% New
19 TWO SIGMA SECURITIES, LLC 0.00% of their portfolio NEW YORK, NY 102,412102.4k $70.0k $70.0k 0.00% New
20 TWO SIGMA ADVISERS, LP 0.00% of their portfolio NEW YORK, NY 97,30097.3k $66.5k $66.5k 0.00% Added +6.3k +6,300
21 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 42,00842.0k $28.7k $28.7k 0.00% Unchanged
22 Robeco Institutional Asset Management B.V. 0.00% of their portfolio ROTTERDAM, P7 42,00042.0k $28.7k $28.7k 0.00% Unchanged
23 XTX Topco Ltd 0.00% of their portfolio LONDON, X0 28,70128.7k $19.6k $19.6k 0.00% Reduced -52.7k -52,673
24 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 25,25825.3k $17.3k $17.3k 0.00% Reduced -194.7k -194,697
25 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 23,89223.9k $16.3k $16.3k 0.00% Reduced -1.0m -1,032,453
26 Focused Wealth Management, Inc 0.00% of their portfolio Newburgh, NY 22,00022.0k $15.0k $15.0k 0.00% Unchanged
27 SIMPLEX TRADING, LLC 0.00% of their portfolio CHICAGO, IL 17,20617.2k $11.0k $11.0k 0.00% Added +4.5k +4,549
28 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 15,31715.3k $10.5k $10.5k 0.00% Unchanged
29 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 11,36911.4k $8.0k $8.0k 0.00% Added +1.5k +1,506
30 GROUP ONE TRADING LLC 0.00% of their portfolio CHICAGO, IL 10,69510.7k $7.3k $7.3k 0.00% Reduced -16.3k -16,275
31 BRIGHTON JONES LLC 0.00% of their portfolio SEATTLE, WA 10,00010.0k $6.8k $6.8k 0.00% Unchanged
32 MONTAG A & ASSOCIATES INC 0.00% of their portfolio ATLANTA, GA 3,9003.9k $2.7k $2.7k 0.00% Unchanged
33 Legal & General Group Plc 0.00% of their portfolio London, X0 3,6403.6k $2.5k $2.5k 0.00% Unchanged
34 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 926926 $633 $633 0.00% Reduced -40.7k -40,723
35 TSFG, LLC 0.00% of their portfolio LAKE FOREST, IL 700700 $0 $0 0.00% Unchanged
36 Bell Investment Advisors, Inc 0.00% of their portfolio ORINDA, CA 693693 $474 $474 0.00% Unchanged
37 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 692692 $473 $473 0.00% Reduced -285 -285
38 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged