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 ($303.8k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $2.83. Options: 3 managers hold calls ($128.1k notional), 3 hold puts ($42.0k).
Trends to Q1 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 |
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 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2025 | $255.4k | $2.3m | 8.83 |
| Q3 2025 | $645.4k | $2.3m | 3.54 |
| Q4 2025 | $285.7k | $80.4k | 0.28 |
| Q1 2026 | $128.1k | $42.0k | 0.33 |
Biggest buyers
| First Beijing Investment Ltd | New | +551.0k |
| GOLDMAN SACHS GROUP INC | Added | +343.3k |
| JANE STREET GROUP, LLC | Added | +194.2k |
| Qube Research & Technologies Ltd | Added | +182.9k |
| Dodge & Cox | Added | +161.9k |
| E Fund Management (Hong Kong) Co., Ltd. | Added | +146.0k |
| Point72 Asset Management, L.P. | Added | +119.0k |
| MILLENNIUM MANAGEMENT LLC | New | +113.2k |
| Russell Investments Group, Ltd. | Added | +77.5k |
| SEI INVESTMENTS CO | Added | +71.6k |
Biggest sellers
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Reduced | -349.2k |
| STATE STREET CORP | Reduced | -276.2k |
| MORGAN STANLEY | Reduced | -100.5k |
| California Public Employees Retirement System | Sold out | -72.1k |
| GSA CAPITAL PARTNERS LLP | Sold out | -44.9k |
| HSBC HOLDINGS PLC | Sold out | -42.1k |
| BlackRock, Inc. | Reduced | -35.1k |
| CITIGROUP INC | Reduced | -34.2k |
| TWO SIGMA ADVISERS, LP | Sold out | -15.7k |
| FIL Ltd | Reduced | -14.7k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $60.8k21.4k shares |
| GROUP ONE TRADING LLC | Reduced | $37.5k13.2k shares |
| IMC-Chicago, LLC | New | $29.8k10.5k shares |
Biggest puts
| CITADEL ADVISORS LLC | New | $38.1k13.4k shares |
| GROUP ONE TRADING LLC | Reduced | $3.7k1.3k shares |
| SIMPLEX TRADING, LLC | Reduced | $284100 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 Q1 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 in Q1 2026.
Holders, Q1 2026
| Manager | Shares | Change |
|---|---|---|
| ACADIAN ASSET MANAGEMENT LLC 0.01% of their portfolio | 3.2m $9.2m | Added +22.0k |
| FIL Ltd 0.00% of their portfolio | 1.9m $5.4m | Reduced -14.7k |
| E Fund Management (Hong Kong) Co., Ltd. 0.86% of their portfolio | 664.7k $1.9m | Added +146.0k |
| E Fund Management Co., Ltd. 0.06% of their portfolio | 664.7k $1.9m | First filing |
| STATE STREET CORP 0.00% of their portfolio | 611.0k $1.7m | Reduced -276.2k |
| First Beijing Investment Ltd 0.07% of their portfolio | 551.0k $1.6m | New |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 494.1k $1.4m | Added +343.3k |
| Dodge & Cox 0.00% of their portfolio | 481.1k $1.4m | Added +161.9k |
| Maven Securities LTD 0.12% of their portfolio | 479.8k $1.4m | Added +13.7k |
| UBS Group AG 0.00% of their portfolio | 447.8k $1.3m | Added +11.5k |
| MORGAN STANLEY 0.00% of their portfolio | 314.9k $894.4k | Reduced -100.5k |
| JANE STREET GROUP, LLC 0.00% of their portfolio | 303.6k $862.3k | Added +194.2k |
| Qube Research & Technologies Ltd 0.00% of their portfolio | 248.8k $706.5k | Added +182.9k |
| Oasis Management Co Ltd. 0.08% of their portfolio | 225.0k $639.0k | Unchanged |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio | 150.1k $426.2k | Reduced -349.2k |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.00% of their portfolio | 140.5k $399.1k | Unchanged |
| Point72 Asset Management, L.P. 0.00% of their portfolio | 136.8k $388.6k | Added +119.0k |
| XTX Topco Ltd 0.01% of their portfolio | 135.6k $385.2k | Added +48.3k |
| SEI INVESTMENTS CO 0.00% of their portfolio | 129.2k $366.9k | Added +71.6k |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 118.9k $337.6k | Added +20.5k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 113.9k $307.4k | Reduced -11.5k |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 113.2k $321.5k | New |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 95.9k $259.0k | Added +77.5k |
| AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio | 83.1k $236.0k | Added +580 |
| NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio | 68.6k $194.9k | Added +16.5k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 63.4k $180.0k | Reduced -35 |
| DIVERSIFIED TRUST CO 0.00% of their portfolio | 44.2k $125.5k | Unchanged |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 41.4k $117.5k | New |
| NOMURA HOLDINGS INC 0.00% of their portfolio | 34.6k $98.2k | Unchanged |
| Invesco Ltd. 0.00% of their portfolio | 30.4k $86.3k | Reduced -844 |
| HRT FINANCIAL LP 0.00% of their portfolio | 24.1k $68.0k | New |
| MARSHALL WACE, LLP 0.00% of their portfolio | 19.2k $54.4k | Reduced -12.1k |
| Police & Firemen's Retirement System of New Jersey 0.00% of their portfolio | 15.8k $44.8k | New |
| TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio | 14.4k $40.8k | Reduced -732 |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 13.7k $39.0k | Reduced -1.5k |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.00% of their portfolio | 3.4k $9.6k | Unchanged |
| Oakum Bay Capital LLC 0.00% of their portfolio | 2.4k $6.9k | Unchanged |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 1.8k $5.2k | Reduced -750 |
| CITIGROUP INC 0.00% of their portfolio | 1.2k $3.5k | Reduced -34.2k |
| Tower Research Capital LLC (TRC) 0.00% of their portfolio | 832 $2.4k | Added +485 |
| SIMPLEX TRADING, LLC 0.00% of their portfolio | 226 $641 | Reduced -10.5k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 165 $0 | Reduced -100 |
| PNC Financial Services Group, Inc. 0.00% of their portfolio | 127 $361 | Added +14 |
| TSFG, LLC 0.00% of their portfolio | 116 $0 | Unchanged |
| SBI Securities Co., Ltd. 0.00% of their portfolio | 105 $298 | Unchanged |
| OSAIC HOLDINGS, INC. 0.00% of their portfolio | 50 $142 | New |
| Caitong International Asset Management Co., Ltd 0.00% of their portfolio | 2 $6 | New |
| BlackRock, Inc. 0.00% of their portfolio | 2 $6 | Reduced -35.1k |