Vault-13

ZHIHU INC ZH

SPONSORED ADS · ADR · CUSIP 98955N207

Chinese question-and-answer website

62 institutional holders +4 vs Q1 2025
14,708,98614.7m shares reported held*
$58.5mreported value*
12 new 15 added 21 reduced 8 sold out net sold ≈ $11.3m (-2.8m 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 ($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

0255075Q2 24: 35Q3 24: 47Q4 24: 49Q1 25: 58Q2 25: 6262Q2 24Q3 24Q4 24Q1 25Q2 25
Numbers
QuarterHolders
Q2 202435
Q3 202447
Q4 202449
Q1 202558
Q2 202562

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 outQ3 24Q4 24: 24 bought or addedQ4 24: 23 cut or sold outQ4 24Q1 25: 34 bought or addedQ1 25: 20 cut or sold outQ1 25Q2 25: 27 bought or addedQ2 25: 29 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20242615
Q4 20242423
Q1 20253420
Q2 20252729

Calls vs puts

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

CallsPuts
$0$1m$2m$3mQ3 24 calls: $98.6kQ3 24 puts: $535.8kQ3 24P/C 5.44Q4 24 calls: $82.9kQ4 24 puts: $36.8kQ4 24P/C 0.44Q1 25 calls: $838.1kQ1 25 puts: $2.2mQ1 25P/C 2.67Q2 25 calls: $255.4kQ2 25 puts: $2.3mQ2 25P/C 8.83
Numbers
QuarterCallsPutsP/C
Q3 2024$98.6k$535.8k5.44
Q4 2024$82.9k$36.8k0.44
Q1 2025$838.1k$2.2m2.67
Q2 2025$255.4k$2.3m8.83

Biggest buyers

ACADIAN ASSET MANAGEMENT LLC Added +474,894+474.9k
JPMORGAN CHASE & CO New +132,385+132.4k
E Fund Management (Hong Kong) Co., Ltd. Added +82,364+82.4k
E Fund Management Co., Ltd. Added +82,364+82.4k
MACKENZIE FINANCIAL CORP New +69,095+69.1k
AMERICAN CENTURY COMPANIES INC New +62,501+62.5k
GSA CAPITAL PARTNERS LLP New +58,862+58.9k
JANE STREET GROUP, LLC Added +46,086+46.1k
DIVERSIFIED TRUST CO New +45,739+45.7k
BlackRock, Inc. Added +43,035+43.0k

Biggest sellers

FIL Ltd Reduced -1,034,307-1.0m
VANGUARD GROUP INC Reduced -979,784-979.8k
CITADEL ADVISORS LLC Reduced -342,232-342.2k
MY.Alpha Management HK Advisors Ltd Reduced -330,089-330.1k
GROUP ONE TRADING LLC Reduced -329,005-329.0k
MILLENNIUM MANAGEMENT LLC Reduced -165,864-165.9k
UBS Group AG Reduced -158,927-158.9k
NATIONAL BANK OF CANADA /FI/ Reduced -116,500-116.5k
STATE STREET CORP Reduced -104,696-104.7k
Jump Financial, LLC Sold out -100,875-100.9k

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.

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 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

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ACADIAN ASSET MANAGEMENT LLC 0.03% of their portfolio Boston, MA 3,415,9503.4m $13.6m $13.6m 0.03% Added +474.9k +474,894
2 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 1,833,2241.8m $7.3m $7.3m 0.00% Reduced -979.8k -979,784
3 NORGES BANK 0.00% of their portfolio OSLO, Q8 1,518,0271.5m $6.0m $6.0m 0.00% Unchanged
4 MY.Alpha Management HK Advisors Ltd 4.03% of their portfolio HONG KONG, K3 1,363,4551.4m $5.4m $5.4m 4.03% Reduced -330.1k -330,089
5 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio BOSTON, MA 1,090,6731.1m $4.3m $4.3m 0.00% Reduced -14.7k -14,676
6 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 665,894665.9k $2.7m $2.7m 0.00% Added +13.1k +13,053
7 FIL Ltd 0.00% of their portfolio HAMILTON, D0 490,868490.9k $1.9m $1.9m 0.00% Reduced -1.0m -1,034,307
8 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 402,096402.1k $1.6m $1.6m 0.00% Reduced -104.7k -104,696
9 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 300,690300.7k $1.2m $1.2m 0.00% Reduced -165.9k -165,864
10 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 250,337250.3k $996.3k $996.3k 0.00% Added +46.1k +46,086
11 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 248,672248.7k $989.7k $989.7k 0.00% Added +40.6k +40,641
12 MARSHALL WACE, LLP 0.00% of their portfolio LONDON, X0 205,388205.4k $817.4k $817.4k 0.00% Reduced -93.7k -93,676
13 E Fund Management (Hong Kong) Co., Ltd. 0.75% of their portfolio CENTRAL, K3 195,463195.5k $777.9k $777.9k 0.75% Added +82.4k +82,364
14 E Fund Management Co., Ltd. 0.04% of their portfolio GUANGZHOU, F4 195,463195.5k $777.9k $777.9k 0.04% Added +82.4k +82,364
15 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.00% of their portfolio COLUMBUS, OH 190,049190.0k $756.4k $756.4k 0.00% Unchanged
16 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 185,245185.2k $737.3k $737.3k 0.00% Reduced -20.2k -20,228
17 COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.00% of their portfolio HARRISBURG, PA 140,523140.5k $559.3k $559.3k 0.00% Unchanged
18 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 132,385132.4k $526.9k $526.9k 0.00% New
19 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 131,112131.1k $521.8k $521.8k 0.00% Reduced -14.5k -14,457
20 Walleye Capital LLC 0.00% of their portfolio NEW YORK, NY 128,549128.5k $511.6k $511.6k 0.00% Added +2.1k +2,123
21 NOMURA HOLDINGS INC 0.00% of their portfolio TOKYO, M0 112,464112.5k $447.6k $447.6k 0.00% Unchanged
22 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 107,381107.4k $427.4k $427.4k 0.00% Reduced -342.2k -342,232
23 Cubist Systematic Strategies, LLC 0.00% of their portfolio STAMFORD, CT 99,94299.9k $397.8k $397.8k 0.00% Reduced -90.8k -90,844
24 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 86,28886.3k $343.4k $343.4k 0.00% Reduced -1.3k -1,323
25 NATIONAL BANK OF CANADA /FI/ 0.00% of their portfolio MONTREAL, A8 84,40184.4k $335.9k $335.9k 0.00% Reduced -116.5k -116,500
26 DYMON ASIA CAPITAL (SINGAPORE) PTE. LTD. 0.23% of their portfolio Singapore, U0 82,70082.7k $329.1k $329.1k 0.23% Unchanged
27 GROUP ONE TRADING LLC 0.01% of their portfolio CHICAGO, IL 80,15480.2k $319.0k $319.0k 0.01% Reduced -329.0k -329,005
28 California Public Employees Retirement System 0.00% of their portfolio Sacramento, CA 77,85077.8k $309.8k $309.8k 0.00% Reduced -7.0k -7,049
29 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 77,33177.3k $307.8k $307.8k 0.00% Reduced -938 -938
30 MACKENZIE FINANCIAL CORP 0.00% of their portfolio TORONTO ONTARIO, A6 69,09569.1k $275.0k $275.0k 0.00% New
31 HSBC HOLDINGS PLC 0.00% of their portfolio LONDON, X0 65,13965.1k $258.6k $258.6k 0.00% Added +35.7k +35,681
32 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 62,50162.5k $248.8k $248.8k 0.00% New
33 BlackRock, Inc. 0.00% of their portfolio New York, NY 61,18261.2k $243.5k $243.5k 0.00% Added +43.0k +43,035
34 GSA CAPITAL PARTNERS LLP 0.02% of their portfolio LONDON, X0 58,86258.9k $234.0k $234.0k 0.02% New
35 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 57,61757.6k $229.3k $229.3k 0.00% Unchanged
36 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 52,14452.1k $207.5k $207.5k 0.00% Unchanged
37 DIVERSIFIED TRUST CO 0.00% of their portfolio MEMPHIS, TN 45,73945.7k $182.0k $182.0k 0.00% New
38 Empirical Financial Services, LLC d.b.a. Empirical Wealth Management 0.00% of their portfolio Seattle, WA 43,20743.2k $172.0k $172.0k 0.00% Added +30.4k +30,409
39 Y-Intercept (Hong Kong) Ltd 0.00% of their portfolio HONG KONG, K3 42,43142.4k $168.9k $168.9k 0.00% New
40 XTX Topco Ltd 0.01% of their portfolio LONDON, X0 38,43538.4k $153.0k $153.0k 0.01% New
41 SIMPLEX TRADING, LLC 0.00% of their portfolio CHICAGO, IL 35,58235.6k $141.0k $141.0k 0.00% Reduced -59.5k -59,512
42 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 33,95334.0k $135.1k $135.1k 0.00% Reduced -1.1k -1,103
43 UBS Group AG 0.00% of their portfolio ZURICH, V8 31,36731.4k $124.8k $124.8k 0.00% Reduced -158.9k -158,927
44 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 31,11631.1k $123.8k $123.8k 0.00% Added +9.9k +9,888
45 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 28,80528.8k $113.2k $113.2k 0.00% Added +10.2k +10,186
46 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 25,00625.0k $99.5k $99.5k 0.00% New
47 Quadrature Capital Ltd 0.00% of their portfolio LONDON, X0 21,10821.1k $84.1k $84.1k 0.00% New
48 TWO SIGMA ADVISERS, LP 0.00% of their portfolio NEW YORK, NY 13,26613.3k $52.8k $52.8k 0.00% Added +1.3k +1,300
49 WOLVERINE TRADING, LLC 0.00% of their portfolio CHICAGO, IL 11,05711.1k $43.5k $43.5k 0.00% Reduced -35.2k -35,195
50 Point72 Asia (Singapore) Pte. Ltd. 0.00% of their portfolio SINGAPORE, U0 5,8395.8k $23.2k $23.2k 0.00% Added +3.3k +3,314
51 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 2,8862.9k $11.5k $11.5k 0.00% Unchanged
52 Cedar Wealth Management, LLC 0.00% of their portfolio LA JOLLA, CA 2,4832.5k $9.9k $9.9k 0.00% Unchanged
53 Point72 (DIFC) Ltd 0.00% of their portfolio DUBAI, C0 1,9001.9k $7.6k $7.6k 0.00% New
54 Caitong International Asset Management Co., Ltd 0.01% of their portfolio HONG KONG, K3 1,8471.8k $7.4k $7.4k 0.01% Added +1.5k +1,547
55 Ridgewood Investments LLC 0.00% of their portfolio SPRINGFIELD, NJ 666666 $2.7k $2.7k 0.00% Unchanged
56 Legal & General Group Plc 0.00% of their portfolio London, X0 606606 $2.4k $2.4k 0.00% Unchanged
57 Bell Investment Advisors, Inc 0.00% of their portfolio ORINDA, CA 416416 $1.7k $1.7k 0.00% Unchanged
58 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 400400 $1.6k $1.6k 0.00% New
59 EverSource Wealth Advisors, LLC 0.00% of their portfolio BIRMINGHAM, AL 257257 $1.0k $1.0k 0.00% New
60 SBI Securities Co., Ltd. 0.00% of their portfolio TOKYO, M0 189189 $752 $752 0.00% Reduced -1 -1
61 TSFG, LLC 0.00% of their portfolio LAKE FOREST, IL 116116 $0 $0 0.00% Unchanged
62 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged