ZHIHU INC ZH
SPONSORED ADS · ADR · CUSIP 98955N207
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* 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 ($349.6k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $3.13. Options: 2 managers hold calls ($431.3k notional), 1 hold puts ($4.1k).
Trends to Q2 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q2 2024 | 35 |
| Q3 2024 | 47 |
| Q4 2024 | 49 |
| Q1 2025 | 58 |
| Q2 2025 | 62 |
| Q3 2025 | 54 |
| Q4 2025 | 51 |
| Q1 2026 | 48 |
| Q2 2026 | 45 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2024 | 26 | 15 |
| Q4 2024 | 24 | 23 |
| Q1 2025 | 34 | 20 |
| Q2 2025 | 27 | 29 |
| Q3 2025 | 24 | 28 |
| Q4 2025 | 14 | 35 |
| Q1 2026 | 24 | 24 |
| Q2 2026 | 14 | 24 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $645.4k | $2.3m | 3.54 |
| Q4 2025 | $285.7k | $80.4k | 0.28 |
| Q1 2026 | $128.1k | $42.0k | 0.33 |
| Q2 2026 | $431.3k | $4.1k | 0.01 |
Biggest buyers
| FIL Ltd | Added | +1.7m |
| Harvest Fund Management Co., Ltd | New | +210.0k |
| TWO SIGMA INVESTMENTS, LP | Added | +85.1k |
| GOLDMAN SACHS GROUP INC | Added | +83.5k |
| CITADEL ADVISORS LLC | Added | +70.4k |
| RAMSEY QUANTITATIVE SYSTEMS | New | +53.8k |
| Dodge & Cox | Added | +20.0k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Added | +18.2k |
| MARSHALL WACE, LLP | Added | +16.6k |
| UBS Group AG | Added | +7.1k |
Biggest sellers
| ACADIAN ASSET MANAGEMENT LLC | Reduced | -288.1k |
| Qube Research & Technologies Ltd | Reduced | -204.0k |
| E Fund Management Co., Ltd. | Reduced | -156.7k |
| E Fund Management (Hong Kong) Co., Ltd. | Reduced | -156.7k |
| JANE STREET GROUP, LLC | Reduced | -155.5k |
| STATE STREET CORP | Reduced | -141.9k |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | Sold out | -140.5k |
| Point72 Asset Management, L.P. | Sold out | -136.8k |
| MORGAN STANLEY | Reduced | -82.0k |
| Maven Securities LTD | Reduced | -79.4k |
Biggest calls
| GROUP ONE TRADING LLC | Added | $303.6k97.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $127.7k40.8k shares |
Biggest puts
| GROUP ONE TRADING LLC | Unchanged | $4.1k1.3k 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.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
Plus Channel Ltd
13D · may seek influence
+1.0 pts · filed 2025-12-29
Stated purposeItem 4 of the Original Schedule 13D is hereby amended and supplemented by the following: The information set forth in Item 3 is hereby incorporated by reference in its entirety. The Reporting Persons hold the Class A ordinary shares they beneficially owned on trust under the Issuer's share incentive plan adopted in 2022. Full filing |
10.0% |
| FIL Ltd 13G · institution +1.9 pts · filed 2026-08-06 | 7.5% |
Insider purchases and sales since 1 Apr 2026
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
None reported since 1 Apr 2026.
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| FIL Ltd 0.01% of their portfolio | 3.6m $11.5m | Added +1.7m |
| ACADIAN ASSET MANAGEMENT LLC 0.01% of their portfolio | 2.9m $9.2m | Reduced -288.1k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 577.6k $1.8m | Added +83.5k |
| First Beijing Investment Ltd 0.07% of their portfolio | 551.0k $1.7m | Unchanged |
| E Fund Management (Hong Kong) Co., Ltd. 0.53% of their portfolio | 508.0k $1.6m | Reduced -156.7k |
| E Fund Management Co., Ltd. 0.04% of their portfolio | 508.0k $1.6m | Reduced -156.7k |
| Dodge & Cox 0.00% of their portfolio | 501.1k $1.6m | Added +20.0k |
| STATE STREET CORP 0.00% of their portfolio | 469.2k $1.5m | Reduced -141.9k |
| UBS Group AG 0.00% of their portfolio | 454.9k $1.4m | Added +7.1k |
| Maven Securities LTD 0.12% of their portfolio | 400.4k $1.3m | Reduced -79.4k |
| MORGAN STANLEY 0.00% of their portfolio | 232.9k $729.1k | Reduced -82.0k |
| Oasis Management Co Ltd. 0.08% of their portfolio | 225.0k $704.2k | Unchanged |
| Harvest Fund Management Co., Ltd 0.02% of their portfolio | 210.0k $659.0k | New |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio | 168.3k $526.6k | Added +18.2k |
| JANE STREET GROUP, LLC 0.00% of their portfolio | 148.2k $463.7k | Reduced -155.5k |
| XTX Topco Ltd 0.01% of their portfolio | 133.2k $416.9k | Reduced -2.4k |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 111.8k $350.0k | Added +70.4k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 104.6k $327.3k | Reduced -9.3k |
| SEI INVESTMENTS CO 0.00% of their portfolio | 103.6k $324.3k | Reduced -25.6k |
| TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio | 99.5k $311.3k | Added +85.1k |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 95.9k $300.3k | Unchanged |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 95.9k $300.1k | Reduced -23.0k |
| AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio | 83.1k $260.1k | Unchanged |
| NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio | 68.6k $214.8k | Unchanged |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 64.9k $203.0k | Reduced -48.3k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 63.3k $198.1k | Reduced -75 |
| RAMSEY QUANTITATIVE SYSTEMS 0.15% of their portfolio | 53.8k $168.5k | New |
| Qube Research & Technologies Ltd 0.00% of their portfolio | 44.7k $140.0k | Reduced -204.0k |
| DIVERSIFIED TRUST CO 0.00% of their portfolio | 44.2k $138.3k | Unchanged |
| MARSHALL WACE, LLP 0.00% of their portfolio | 35.8k $111.9k | Added +16.6k |
| NOMURA HOLDINGS INC 0.00% of their portfolio | 27.8k $86.9k | Reduced -6.8k |
| Invesco Ltd. 0.00% of their portfolio | 26.7k $83.5k | Reduced -3.7k |
| Police & Firemen's Retirement System of New Jersey 0.00% of their portfolio | 15.8k $49.3k | Unchanged |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 11.7k $36.5k | Reduced -2.1k |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.00% of their portfolio | 3.4k $10.6k | Unchanged |
| Tower Research Capital LLC (TRC) 0.00% of their portfolio | 3.2k $10.0k | Added +2.4k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 1.7k $5.4k | Reduced -115 |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 843 $3.0k | Added +678 |
| CITIGROUP INC 0.00% of their portfolio | 428 $1.3k | Reduced -798 |
| PNC Financial Services Group, Inc. 0.00% of their portfolio | 144 $451 | Added +17 |
| TSFG, LLC 0.00% of their portfolio | 116 $0 | Unchanged |
| SBI Securities Co., Ltd. 0.00% of their portfolio | 105 $329 | Unchanged |
| Caitong International Asset Management Co., Ltd 0.00% of their portfolio | 15 $47 | Added +13 |
| SIMPLEX TRADING, LLC 0.00% of their portfolio | 7 $21 | Reduced -219 |
| BlackRock, Inc. 0.00% of their portfolio | 2 $6 | Unchanged |