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 ($113.2k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $3.98. Options: 4 managers hold calls ($255.4k notional), 6 hold puts ($2.3m).
Trends to Q2 2025
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 |
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 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $98.6k | $535.8k | 5.44 |
| Q4 2024 | $82.9k | $36.8k | 0.44 |
| Q1 2025 | $838.1k | $2.2m | 2.67 |
| Q2 2025 | $255.4k | $2.3m | 8.83 |
Biggest buyers
| ACADIAN ASSET MANAGEMENT LLC | Added | +474.9k |
| JPMORGAN CHASE & CO | New | +132.4k |
| E Fund Management (Hong Kong) Co., Ltd. | Added | +82.4k |
| E Fund Management Co., Ltd. | Added | +82.4k |
| MACKENZIE FINANCIAL CORP | New | +69.1k |
| AMERICAN CENTURY COMPANIES INC | New | +62.5k |
| GSA CAPITAL PARTNERS LLP | New | +58.9k |
| JANE STREET GROUP, LLC | Added | +46.1k |
| DIVERSIFIED TRUST CO | New | +45.7k |
| BlackRock, Inc. | Added | +43.0k |
Biggest sellers
| FIL Ltd | Reduced | -1.0m |
| VANGUARD GROUP INC | Reduced | -979.8k |
| CITADEL ADVISORS LLC | Reduced | -342.2k |
| MY.Alpha Management HK Advisors Ltd | Reduced | -330.1k |
| GROUP ONE TRADING LLC | Reduced | -329.0k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -165.9k |
| UBS Group AG | Reduced | -158.9k |
| NATIONAL BANK OF CANADA /FI/ | Reduced | -116.5k |
| STATE STREET CORP | Reduced | -104.7k |
| Jump Financial, LLC | Sold out | -100.9k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $217.7k54.7k shares |
| GROUP ONE TRADING LLC | Reduced | $22.7k5.7k shares |
| SIMPLEX TRADING, LLC | Reduced | $15.0k3.9k shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $989.4k248.6k shares |
| GROUP ONE TRADING LLC | Added | $662.7k166.5k shares |
| SIMPLEX TRADING, LLC | Reduced | $385.0k96.8k shares |
| JANE STREET GROUP, LLC | Added | $121.4k30.5k shares |
| CITADEL ADVISORS LLC | Reduced | $95.9k24.1k 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.
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 in Q2 2025
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 in Q2 2025.
Holders, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| ACADIAN ASSET MANAGEMENT LLC 0.03% of their portfolio | 3.4m $13.6m | Added +474.9k |
| VANGUARD GROUP INC 0.00% of their portfolio | 1.8m $7.3m | Reduced -979.8k |
| NORGES BANK 0.00% of their portfolio | 1.5m $6.0m | Unchanged |
| MY.Alpha Management HK Advisors Ltd 4.03% of their portfolio | 1.4m $5.4m | Reduced -330.1k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio | 1.1m $4.3m | Reduced -14.7k |
| MORGAN STANLEY 0.00% of their portfolio | 665.9k $2.7m | Added +13.1k |
| FIL Ltd 0.00% of their portfolio | 490.9k $1.9m | Reduced -1.0m |
| STATE STREET CORP 0.00% of their portfolio | 402.1k $1.6m | Reduced -104.7k |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 300.7k $1.2m | Reduced -165.9k |
| JANE STREET GROUP, LLC 0.00% of their portfolio | 250.3k $996.3k | Added +46.1k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 248.7k $989.7k | Added +40.6k |
| MARSHALL WACE, LLP 0.00% of their portfolio | 205.4k $817.4k | Reduced -93.7k |
| E Fund Management (Hong Kong) Co., Ltd. 0.75% of their portfolio | 195.5k $777.9k | Added +82.4k |
| E Fund Management Co., Ltd. 0.04% of their portfolio | 195.5k $777.9k | Added +82.4k |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.00% of their portfolio | 190.0k $756.4k | Unchanged |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 185.2k $737.3k | Reduced -20.2k |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.00% of their portfolio | 140.5k $559.3k | Unchanged |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 132.4k $526.9k | New |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 131.1k $521.8k | Reduced -14.5k |
| Walleye Capital LLC 0.00% of their portfolio | 128.5k $511.6k | Added +2.1k |
| NOMURA HOLDINGS INC 0.00% of their portfolio | 112.5k $447.6k | Unchanged |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 107.4k $427.4k | Reduced -342.2k |
| Cubist Systematic Strategies, LLC 0.00% of their portfolio | 99.9k $397.8k | Reduced -90.8k |
| RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio | 86.3k $343.4k | Reduced -1.3k |
| NATIONAL BANK OF CANADA /FI/ 0.00% of their portfolio | 84.4k $335.9k | Reduced -116.5k |
| DYMON ASIA CAPITAL (SINGAPORE) PTE. LTD. 0.23% of their portfolio | 82.7k $329.1k | Unchanged |
| GROUP ONE TRADING LLC 0.01% of their portfolio | 80.2k $319.0k | Reduced -329.0k |
| California Public Employees Retirement System 0.00% of their portfolio | 77.8k $309.8k | Reduced -7.0k |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 77.3k $307.8k | Reduced -938 |
| MACKENZIE FINANCIAL CORP 0.00% of their portfolio | 69.1k $275.0k | New |
| HSBC HOLDINGS PLC 0.00% of their portfolio | 65.1k $258.6k | Added +35.7k |
| AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio | 62.5k $248.8k | New |
| BlackRock, Inc. 0.00% of their portfolio | 61.2k $243.5k | Added +43.0k |
| GSA CAPITAL PARTNERS LLP 0.02% of their portfolio | 58.9k $234.0k | New |
| SEI INVESTMENTS CO 0.00% of their portfolio | 57.6k $229.3k | Unchanged |
| NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio | 52.1k $207.5k | Unchanged |
| DIVERSIFIED TRUST CO 0.00% of their portfolio | 45.7k $182.0k | New |
| Empirical Financial Services, LLC d.b.a. Empirical Wealth Management 0.00% of their portfolio | 43.2k $172.0k | Added +30.4k |
| Y-Intercept (Hong Kong) Ltd 0.00% of their portfolio | 42.4k $168.9k | New |
| XTX Topco Ltd 0.01% of their portfolio | 38.4k $153.0k | New |
| SIMPLEX TRADING, LLC 0.00% of their portfolio | 35.6k $141.0k | Reduced -59.5k |
| Invesco Ltd. 0.00% of their portfolio | 34.0k $135.1k | Reduced -1.1k |
| UBS Group AG 0.00% of their portfolio | 31.4k $124.8k | Reduced -158.9k |
| CITIGROUP INC 0.00% of their portfolio | 31.1k $123.8k | Added +9.9k |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 28.8k $113.2k | Added +10.2k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 25.0k $99.5k | New |
| Quadrature Capital Ltd 0.00% of their portfolio | 21.1k $84.1k | New |
| TWO SIGMA ADVISERS, LP 0.00% of their portfolio | 13.3k $52.8k | Added +1.3k |
| WOLVERINE TRADING, LLC 0.00% of their portfolio | 11.1k $43.5k | Reduced -35.2k |
| Point72 Asia (Singapore) Pte. Ltd. 0.00% of their portfolio | 5.8k $23.2k | Added +3.3k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 2.9k $11.5k | Unchanged |
| Cedar Wealth Management, LLC 0.00% of their portfolio | 2.5k $9.9k | Unchanged |
| Point72 (DIFC) Ltd 0.00% of their portfolio | 1.9k $7.6k | New |
| Caitong International Asset Management Co., Ltd 0.01% of their portfolio | 1.8k $7.4k | Added +1.5k |
| Ridgewood Investments LLC 0.00% of their portfolio | 666 $2.7k | Unchanged |
| Legal & General Group Plc 0.00% of their portfolio | 606 $2.4k | Unchanged |
| Bell Investment Advisors, Inc 0.00% of their portfolio | 416 $1.7k | Unchanged |
| Tower Research Capital LLC (TRC) 0.00% of their portfolio | 400 $1.6k | New |
| EverSource Wealth Advisors, LLC 0.00% of their portfolio | 257 $1.0k | New |
| SBI Securities Co., Ltd. 0.00% of their portfolio | 189 $752 | Reduced -1 |
| TSFG, LLC 0.00% of their portfolio | 116 $0 | Unchanged |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio | 0 $0 | Unchanged |