Vault-13

ZHIHU INC ZH

SPONSORED ADS · ADR · CUSIP 98955N207

Chinese question-and-answer website

48 institutional holders -3 vs Q4 2025
12,144,64812.1m shares reported held*
$34.3mreported value*
7 new 17 added 15 reduced 9 sold out net bought ≈ $3.2m (+1.1m 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 ($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

0255075Q2 24: 35Q3 24: 47Q4 24: 49Q1 25: 58Q2 25: 62Q3 25: 54Q4 25: 51Q1 26: 4848Q2 24Q4 24Q2 25Q4 25Q1 26
Numbers
QuarterHolders
Q2 202435
Q3 202447
Q4 202449
Q1 202558
Q2 202562
Q3 202554
Q4 202551
Q1 202648

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 outQ1 25: 34 bought or addedQ1 25: 20 cut or sold outQ1 25Q2 25: 27 bought or addedQ2 25: 29 cut or sold outQ3 25: 24 bought or addedQ3 25: 28 cut or sold outQ3 25Q4 25: 14 bought or addedQ4 25: 35 cut or sold outQ1 26: 24 bought or addedQ1 26: 24 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q3 20242615
Q4 20242423
Q1 20253420
Q2 20252729
Q3 20252428
Q4 20251435
Q1 20262424

Calls vs puts

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

CallsPuts
$0$1m$2m$3mQ2 25 calls: $255.4kQ2 25 puts: $2.3mQ2 25P/C 8.83Q3 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 0.33
Numbers
QuarterCallsPutsP/C
Q2 2025$255.4k$2.3m8.83
Q3 2025$645.4k$2.3m3.54
Q4 2025$285.7k$80.4k0.28
Q1 2026$128.1k$42.0k0.33

Biggest buyers

First Beijing Investment Ltd New +551,048+551.0k
GOLDMAN SACHS GROUP INC Added +343,310+343.3k
JANE STREET GROUP, LLC Added +194,160+194.2k
Qube Research & Technologies Ltd Added +182,949+182.9k
Dodge & Cox Added +161,928+161.9k
E Fund Management (Hong Kong) Co., Ltd. Added +146,019+146.0k
Point72 Asset Management, L.P. Added +118,954+119.0k
MILLENNIUM MANAGEMENT LLC New +113,200+113.2k
Russell Investments Group, Ltd. Added +77,513+77.5k
SEI INVESTMENTS CO Added +71,585+71.6k

Biggest sellers

ARROWSTREET CAPITAL, LIMITED PARTNERSHIP Reduced -349,195-349.2k
STATE STREET CORP Reduced -276,208-276.2k
MORGAN STANLEY Reduced -100,463-100.5k
California Public Employees Retirement System Sold out -72,139-72.1k
GSA CAPITAL PARTNERS LLP Sold out -44,878-44.9k
HSBC HOLDINGS PLC Sold out -42,066-42.1k
BlackRock, Inc. Reduced -35,070-35.1k
CITIGROUP INC Reduced -34,233-34.2k
TWO SIGMA ADVISERS, LP Sold out -15,651-15.7k
FIL Ltd Reduced -14,683-14.7k

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.

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 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

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ACADIAN ASSET MANAGEMENT LLC 0.01% of their portfolio Boston, MA 3,234,6953.2m $9.2m $9.2m 0.01% Added +22.0k +21,962
2 FIL Ltd 0.00% of their portfolio HAMILTON, D0 1,937,7101.9m $5.4m $5.4m 0.00% Reduced -14.7k -14,683
3 E Fund Management (Hong Kong) Co., Ltd. 0.86% of their portfolio CENTRAL, K3 664,671664.7k $1.9m $1.9m 0.86% Added +146.0k +146,019
4 E Fund Management Co., Ltd. 0.06% of their portfolio GUANGZHOU, F4 664,671664.7k $1.9m $1.9m 0.06% First filing
5 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 611,050611.0k $1.7m $1.7m 0.00% Reduced -276.2k -276,208
6 First Beijing Investment Ltd 0.07% of their portfolio HONG KONG, K3 551,048551.0k $1.6m $1.6m 0.07% New
7 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 494,116494.1k $1.4m $1.4m 0.00% Added +343.3k +343,310
8 Dodge & Cox 0.00% of their portfolio San Francisco, CA 481,092481.1k $1.4m $1.4m 0.00% Added +161.9k +161,928
9 Maven Securities LTD 0.12% of their portfolio ST HELIER, Y9 479,756479.8k $1.4m $1.4m 0.12% Added +13.7k +13,748
10 UBS Group AG 0.00% of their portfolio ZURICH, V8 447,810447.8k $1.3m $1.3m 0.00% Added +11.5k +11,476
11 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 314,933314.9k $894.4k $894.4k 0.00% Reduced -100.5k -100,463
12 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 303,629303.6k $862.3k $862.3k 0.00% Added +194.2k +194,160
13 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 248,751248.8k $706.5k $706.5k 0.00% Added +182.9k +182,949
14 Oasis Management Co Ltd. 0.08% of their portfolio GRAND CAYMAN, E9 225,000225.0k $639.0k $639.0k 0.08% Unchanged
15 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio BOSTON, MA 150,086150.1k $426.2k $426.2k 0.00% Reduced -349.2k -349,195
16 COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.00% of their portfolio HARRISBURG, PA 140,523140.5k $399.1k $399.1k 0.00% Unchanged
17 Point72 Asset Management, L.P. 0.00% of their portfolio STAMFORD, CT 136,831136.8k $388.6k $388.6k 0.00% Added +119.0k +118,954
18 XTX Topco Ltd 0.01% of their portfolio LONDON, X0 135,620135.6k $385.2k $385.2k 0.01% Added +48.3k +48,264
19 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 129,202129.2k $366.9k $366.9k 0.00% Added +71.6k +71,585
20 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 118,856118.9k $337.6k $337.6k 0.00% Added +20.5k +20,500
21 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 113,860113.9k $307.4k $307.4k 0.00% Reduced -11.5k -11,527
22 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 113,200113.2k $321.5k $321.5k 0.00% New
23 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 95,93395.9k $259.0k $259.0k 0.00% Added +77.5k +77,513
24 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 83,09783.1k $236.0k $236.0k 0.00% Added +580 +580
25 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 68,64068.6k $194.9k $194.9k 0.00% Added +16.5k +16,496
26 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 63,36663.4k $180.0k $180.0k 0.00% Reduced -35 -35
27 DIVERSIFIED TRUST CO 0.00% of their portfolio MEMPHIS, TN 44,18444.2k $125.5k $125.5k 0.00% Unchanged
28 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 41,38441.4k $117.5k $117.5k 0.00% New
29 NOMURA HOLDINGS INC 0.00% of their portfolio TOKYO, M0 34,56434.6k $98.2k $98.2k 0.00% Unchanged
30 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 30,39030.4k $86.3k $86.3k 0.00% Reduced -844 -844
31 HRT FINANCIAL LP 0.00% of their portfolio NEW YORK, NY 24,14424.1k $68.0k $68.0k 0.00% New
32 MARSHALL WACE, LLP 0.00% of their portfolio LONDON, X0 19,15219.2k $54.4k $54.4k 0.00% Reduced -12.1k -12,148
33 Police & Firemen's Retirement System of New Jersey 0.00% of their portfolio TRENTON, NJ 15,76215.8k $44.8k $44.8k 0.00% New
34 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 14,36814.4k $40.8k $40.8k 0.00% Reduced -732 -732
35 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 13,74513.7k $39.0k $39.0k 0.00% Reduced -1.5k -1,495
36 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.00% of their portfolio COLUMBUS, OH 3,3853.4k $9.6k $9.6k 0.00% Unchanged
37 Oakum Bay Capital LLC 0.00% of their portfolio WESTPORT, CT 2,4262.4k $6.9k $6.9k 0.00% Unchanged
38 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 1,8421.8k $5.2k $5.2k 0.00% Reduced -750 -750
39 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 1,2261.2k $3.5k $3.5k 0.00% Reduced -34.2k -34,233
40 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 832832 $2.4k $2.4k 0.00% Added +485 +485
41 SIMPLEX TRADING, LLC 0.00% of their portfolio CHICAGO, IL 226226 $641 $641 0.00% Reduced -10.5k -10,502
42 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 165165 $0 $0 0.00% Reduced -100 -100
43 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 127127 $361 $361 0.00% Added +14 +14
44 TSFG, LLC 0.00% of their portfolio LAKE FOREST, IL 116116 $0 $0 0.00% Unchanged
45 SBI Securities Co., Ltd. 0.00% of their portfolio TOKYO, M0 105105 $298 $298 0.00% Unchanged
46 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 5050 $142 $142 0.00% New
47 Caitong International Asset Management Co., Ltd 0.00% of their portfolio HONG KONG, K3 22 $6 $6 0.00% New
48 BlackRock, Inc. 0.00% of their portfolio New York, NY 22 $6 $6 0.00% Reduced -35.1k -35,070