Vault-13

ZHIHU INC ZH

SPONSORED ADS · ADR · CUSIP 98955N207

Chinese question-and-answer website

45 institutional holders -3 vs Q1 2026
12,723,53112.7m shares reported held*
$39.9mreported value*
2 new 12 added 20 reduced 4 sold out net bought ≈ $1.8m (+581.3k 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 ($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

0255075Q2 24: 35Q3 24: 47Q4 24: 49Q1 25: 58Q2 25: 62Q3 25: 54Q4 25: 51Q1 26: 48Q2 26: 4545Q2 24Q4 24Q2 25Q4 25Q2 26
Numbers
QuarterHolders
Q2 202435
Q3 202447
Q4 202449
Q1 202558
Q2 202562
Q3 202554
Q4 202551
Q1 202648
Q2 202645

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 24: 26 bought or addedQ3 24: 15 cut or sold outQ4 24: 24 bought or addedQ4 24: 23 cut or sold outQ4 24Q1 25: 34 bought or addedQ1 25: 20 cut or sold outQ2 25: 27 bought or addedQ2 25: 29 cut or sold outQ2 25Q3 25: 24 bought or addedQ3 25: 28 cut or sold outQ4 25: 14 bought or addedQ4 25: 35 cut or sold outQ4 25Q1 26: 24 bought or addedQ1 26: 24 cut or sold outQ2 26: 14 bought or addedQ2 26: 24 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 20242615
Q4 20242423
Q1 20253420
Q2 20252729
Q3 20252428
Q4 20251435
Q1 20262424
Q2 20261424

Calls vs puts

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

CallsPuts
$0$1m$2m$3mQ3 25 calls: $645.4kQ3 25 puts: $2.3mQ3 25P/C 3.54Q4 25 calls: $285.7kQ4 25 puts: $80.4kQ4 25P/C 0.28Q1 26 calls: $128.1kQ1 26 puts: $42.0kQ1 26P/C 0.33Q2 26 calls: $431.3kQ2 26 puts: $4.1kQ2 26P/C 0.01
Numbers
QuarterCallsPutsP/C
Q3 2025$645.4k$2.3m3.54
Q4 2025$285.7k$80.4k0.28
Q1 2026$128.1k$42.0k0.33
Q2 2026$431.3k$4.1k0.01

Biggest buyers

FIL Ltd Added +1,701,677+1.7m
Harvest Fund Management Co., Ltd New +210,000+210.0k
TWO SIGMA INVESTMENTS, LP Added +85,090+85.1k
GOLDMAN SACHS GROUP INC Added +83,457+83.5k
CITADEL ADVISORS LLC Added +70,432+70.4k
RAMSEY QUANTITATIVE SYSTEMS New +53,846+53.8k
Dodge & Cox Added +20,000+20.0k
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP Added +18,170+18.2k
MARSHALL WACE, LLP Added +16,598+16.6k
UBS Group AG Added +7,082+7.1k

Biggest sellers

ACADIAN ASSET MANAGEMENT LLC Reduced -288,085-288.1k
Qube Research & Technologies Ltd Reduced -204,035-204.0k
E Fund Management Co., Ltd. Reduced -156,652-156.7k
E Fund Management (Hong Kong) Co., Ltd. Reduced -156,652-156.7k
JANE STREET GROUP, LLC Reduced -155,479-155.5k
STATE STREET CORP Reduced -141,895-141.9k
COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS Sold out -140,523-140.5k
Point72 Asset Management, L.P. Sold out -136,831-136.8k
MORGAN STANLEY Reduced -81,995-82.0k
Maven Securities LTD Reduced -79,369-79.4k

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.

HolderStakeChangeShares Last filed
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% +1.0 pts 25.4m 2025-12-29
FIL Ltd 13G · institution +1.9 pts · filed 2026-08-06 7.5% +1.9 pts 18.7m 2026-08-06

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

#ManagerLocationShares Value% of their portfolioChangeShares change
1 FIL Ltd 0.01% of their portfolio HAMILTON, D0 3,639,3873.6m $11.5m $11.5m 0.01% Added +1.7m +1,701,677
2 ACADIAN ASSET MANAGEMENT LLC 0.01% of their portfolio Boston, MA 2,946,6102.9m $9.2m $9.2m 0.01% Reduced -288.1k -288,085
3 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 577,573577.6k $1.8m $1.8m 0.00% Added +83.5k +83,457
4 First Beijing Investment Ltd 0.07% of their portfolio HONG KONG, K3 551,048551.0k $1.7m $1.7m 0.07% Unchanged
5 E Fund Management (Hong Kong) Co., Ltd. 0.53% of their portfolio CENTRAL, K3 508,019508.0k $1.6m $1.6m 0.53% Reduced -156.7k -156,652
6 E Fund Management Co., Ltd. 0.04% of their portfolio GUANGZHOU, F4 508,019508.0k $1.6m $1.6m 0.04% Reduced -156.7k -156,652
7 Dodge & Cox 0.00% of their portfolio San Francisco, CA 501,092501.1k $1.6m $1.6m 0.00% Added +20.0k +20,000
8 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 469,155469.2k $1.5m $1.5m 0.00% Reduced -141.9k -141,895
9 UBS Group AG 0.00% of their portfolio ZURICH, V8 454,892454.9k $1.4m $1.4m 0.00% Added +7.1k +7,082
10 Maven Securities LTD 0.12% of their portfolio ST HELIER, Y9 400,387400.4k $1.3m $1.3m 0.12% Reduced -79.4k -79,369
11 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 232,938232.9k $729.1k $729.1k 0.00% Reduced -82.0k -81,995
12 Oasis Management Co Ltd. 0.08% of their portfolio GRAND CAYMAN, E9 225,000225.0k $704.2k $704.2k 0.08% Unchanged
13 Harvest Fund Management Co., Ltd 0.02% of their portfolio BEIJING, F4 210,000210.0k $659.0k $659.0k 0.02% New
14 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio BOSTON, MA 168,256168.3k $526.6k $526.6k 0.00% Added +18.2k +18,170
15 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 148,150148.2k $463.7k $463.7k 0.00% Reduced -155.5k -155,479
16 XTX Topco Ltd 0.01% of their portfolio LONDON, X0 133,210133.2k $416.9k $416.9k 0.01% Reduced -2.4k -2,410
17 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 111,816111.8k $350.0k $350.0k 0.00% Added +70.4k +70,432
18 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 104,565104.6k $327.3k $327.3k 0.00% Reduced -9.3k -9,295
19 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 103,607103.6k $324.3k $324.3k 0.00% Reduced -25.6k -25,595
20 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 99,45899.5k $311.3k $311.3k 0.00% Added +85.1k +85,090
21 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 95,93395.9k $300.3k $300.3k 0.00% Unchanged
22 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 95,87595.9k $300.1k $300.1k 0.00% Reduced -23.0k -22,981
23 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 83,09783.1k $260.1k $260.1k 0.00% Unchanged
24 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 68,64068.6k $214.8k $214.8k 0.00% Unchanged
25 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 64,86964.9k $203.0k $203.0k 0.00% Reduced -48.3k -48,331
26 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 63,29163.3k $198.1k $198.1k 0.00% Reduced -75 -75
27 RAMSEY QUANTITATIVE SYSTEMS 0.15% of their portfolio LOUISVILLE, KY 53,84653.8k $168.5k $168.5k 0.15% New
28 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 44,71644.7k $140.0k $140.0k 0.00% Reduced -204.0k -204,035
29 DIVERSIFIED TRUST CO 0.00% of their portfolio MEMPHIS, TN 44,18444.2k $138.3k $138.3k 0.00% Unchanged
30 MARSHALL WACE, LLP 0.00% of their portfolio LONDON, X0 35,75035.8k $111.9k $111.9k 0.00% Added +16.6k +16,598
31 NOMURA HOLDINGS INC 0.00% of their portfolio TOKYO, M0 27,76427.8k $86.9k $86.9k 0.00% Reduced -6.8k -6,800
32 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 26,68826.7k $83.5k $83.5k 0.00% Reduced -3.7k -3,702
33 Police & Firemen's Retirement System of New Jersey 0.00% of their portfolio TRENTON, NJ 15,76215.8k $49.3k $49.3k 0.00% Unchanged
34 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 11,66911.7k $36.5k $36.5k 0.00% Reduced -2.1k -2,076
35 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.00% of their portfolio COLUMBUS, OH 3,3853.4k $10.6k $10.6k 0.00% Unchanged
36 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 3,1883.2k $10.0k $10.0k 0.00% Added +2.4k +2,356
37 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 1,7271.7k $5.4k $5.4k 0.00% Reduced -115 -115
38 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 843843 $3.0k $3.0k 0.00% Added +678 +678
39 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 428428 $1.3k $1.3k 0.00% Reduced -798 -798
40 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 144144 $451 $451 0.00% Added +17 +17
41 TSFG, LLC 0.00% of their portfolio LAKE FOREST, IL 116116 $0 $0 0.00% Unchanged
42 SBI Securities Co., Ltd. 0.00% of their portfolio TOKYO, M0 105105 $329 $329 0.00% Unchanged
43 Caitong International Asset Management Co., Ltd 0.00% of their portfolio HONG KONG, K3 1515 $47 $47 0.00% Added +13 +13
44 SIMPLEX TRADING, LLC 0.00% of their portfolio CHICAGO, IL 77 $21 $21 0.00% Reduced -219 -219
45 BlackRock, Inc. 0.00% of their portfolio New York, NY 22 $6 $6 0.00% Unchanged