Zhihu

ZH • NYSE

Zhihu is a publicly traded company on NYSE. As of Q3 2025, 51 institutional investors hold shares in this company, with total holdings valued at $72.4M. MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT LLC is the largest holder with a position valued at $14.7M.

Employees2.7K

Websitezhihu.com

Overview

Overview of institutional ownership in ZH as of Q3 2025

All Institutions

Institutions: 51
Value Held: $72.4M
Shares Held: 14.2M
Avg Position: $1.4M
Median Position: $352.8K

Hedge Funds

Hedge Funds: 5
Value Held: $6.6M
Shares Held: 1.3M
Avg Position: $1.3M
Median Position: $283.4K

Biggest Investors

Institutions with the largest positions in ZH as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT LLC Long Only Manager	Mark Wold Headley CEO	$14.7M 3.45% of portfolio	0.00% 2.9M shares	Q4 2022 Held for 2y 11m	$426.1M
F FIL Ltd Institution	-	$10.0M 0.01% of portfolio	0.00% 1.9M shares	Q4 2024 Held for 11 months	$127.75B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$9.5M 0.00% of portfolio	0.00% 1.9M shares	Q4 2022 Held for 2y 11m	$6.69T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$5.9M 0.00% of portfolio	0.00% 1.2M shares	Q4 2022 Held for 2y 11m	$1.65T
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	Anthony Ryan CEO	$5.5M 0.00% of portfolio	0.00% 1.1M shares	Q3 2024 Held for 1y 2m	$158.92B
GOLDMAN SACHS GROUP INC Institution	David M. Solomon CEO	$3.3M 0.00% of portfolio	0.00% 641.0K shares	Q4 2022 Held for 2y 11m	$691.34B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$3.2M 0.00% of portfolio	0.00% 624.6K shares	Q4 2022 Held for 2y 11m	$2.88T
UBS Group AG Institution	Sergio P. Ermotti CEO	$2.7M 0.00% of portfolio	0.00% 536.2K shares	Q4 2022 Held for 2y 11m	$511.54B
M MAVEN SECURITIES Ltd Private Equity	Stephanie Busuttil Douglass Managing Partner	$1.5M 0.30% of portfolio	0.00% 291.0K shares	Q3 2025 Held for 2 months	$491.3M
Marshall Wace LLP Institution	Diana Lj Harrison President	$1.4M 0.00% of portfolio	0.00% 283.0K shares	Q1 2025 Held for 8 months	$90.3B

Net Capital Flow

Institutional buying and selling activity for ZH in Q3 2025

Traded: +$9.0M
Buyers: 23
Sellers: 27
Total Bought: +$22.6M
Total Sold: −$13.7M
Avg Position: $1.1M

Biggest Buyers

Institution	Net Bought	Current Position
F FIL Ltd Institution	+$7.5M +1.4M shares	$10.0M 1.9M shares
UBS Group AG Institution	+$2.6M +504.9K shares	$2.7M 536.2K shares
MORGAN STANLEY RIA/Wealth	+$2.5M +491.4K shares	$5.9M 1.2M shares
GOLDMAN SACHS GROUP INC Institution	+$2.3M +455.8K shares	$3.3M 641.0K shares
M MAVEN SECURITIES Ltd Private Equity	+$1.5M +291.0K shares	$1.5M 291.0K shares
DODGE & COX Long Only Manager	+$1.4M +276.9K shares	$1.4M 276.9K shares
O Oasis Management Co Ltd. Institution	+$1.1M +225.0K shares	$1.1M 225.0K shares
STATE STREET CORP Institution	+$1.1M +222.5K shares	$3.2M 624.6K shares
C Capitolis Liquid Global Markets LLC Private Equity	+$752.9K +148.5K shares	$752.9K 148.5K shares
Marshall Wace LLP Institution	+$393.3K +77.6K shares	$1.4M 283.0K shares

Biggest Sellers

Institution	Net Sold	Current Position
M MY.Alpha Management HK Advisors Ltd Institution	−$5.4M −1.4M shares	Sold Off 0 shares
MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT LLC Long Only Manager	−$3.4M −676.1K shares	$14.7M 2.9M shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$1.3M −256.8K shares	$222.4K 43.9K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$518.2K −102.2K shares	$742.6K 146.5K shares
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	−$511.6K −128.5K shares	Sold Off 0 shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$427.4K −107.4K shares	Sold Off 0 shares
D DYMON ASIA CAPITAL PTE. LTD. Institution	−$329.1K −82.7K shares	Sold Off 0 shares
JPMORGAN CHASE & CO Institution	−$318.4K −62.8K shares	$352.8K 69.6K shares
MACKENZIE FINANCIAL CORP Long Only Manager	−$275.0K −69.1K shares	Sold Off 0 shares
C Cubist Systematic Strategies, LLC Institution	−$264.3K −52.1K shares	$242.4K 47.8K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited ZH in Q3 2025

New Positions: 8
New Value: $5.5M
Exited Positions: 12
Exited Value: $7.4M

New Positions

Institution	Position Value
M MAVEN SECURITIES Ltd Private Equity	$1.5M 291.0K shares
DODGE & COX Long Only Manager	$1.4M 276.9K shares
O Oasis Management Co Ltd. Institution	$1.1M 225.0K shares
C Capitolis Liquid Global Markets LLC Private Equity	$752.9K 148.5K shares
C Campbell & CO Investment Adviser LLC Hedge Fund•Quant Macro	$283.4K 55.9K shares
N NEW YORK STATE COMMON RETIREMENT FUND Institution	$264.4K 52.1K shares
Q Qube Research & Technologies Ltd Institution	$141.2K 27.8K shares
B BESSEMER GROUP INC Institution	- 71.0 shares

Exited Positions

Institution	Previous Position
M MY.Alpha Management HK Advisors Ltd Institution	$5.4M 1.4M shares
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$511.6K 128.5K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$427.4K 107.4K shares
D DYMON ASIA CAPITAL PTE. LTD. Institution	$329.1K 82.7K shares
MACKENZIE FINANCIAL CORP Long Only Manager	$275.0K 69.1K shares
Y Y-Intercept Ltd Institution	$168.9K 42.4K shares
X XTX Topco Ltd Institution	$153.0K 38.4K shares
Q Quadrature Capital Ltd Institution	$84.1K 21.1K shares
W WOLVERINE TRADING, LLC Institution	$43.5K 11.1K shares
Point72 Ltd RIA/Wealth	$7.6K 1.9K shares

Options Activity

Institutions with the largest Call and Put options positions in ZH as of Q3 2025

Call Positions: 2
Call Value: $199.5K
Put Positions: 3
Put Value: $1.2M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$139.4K 275.0 contracts
W WOLVERINE TRADING, LLC Institution	$60.1K 116.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$769.6K 1.5K contracts
J JANE STREET GROUP, LLC Institution	$230.2K 454.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$164.8K 325.0 contracts

Most Committed Institutions

Institutions with ZH as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT LLC Long Only Manager	Mark Wold Headley CEO	3.45% $14.7M	0.00% 2.9M shares	Q4 2022 Held for 2y 11m	$426.1M
E Fund Management Co., Ltd. Long Only Manager	Xue Wang CEO	0.72% $1.2M	0.00% 233.4K shares	Q2 2025 Held for 5 months	$164.4M
M MAVEN SECURITIES Ltd Private Equity	Stephanie Busuttil Douglass Managing Partner	0.30% $1.5M	0.00% 291.0K shares	Q3 2025 Held for 2 months	$491.3M
O Oasis Management Co Ltd. Institution	-	0.25% $1.1M	0.00% 225.0K shares	Q3 2025 Held for 2 months	$453.2M
C Campbell & CO Investment Adviser LLC Hedge Fund•Quant Macro	Kevin Dwayne Cole CEO	0.02% $283.4K	0.00% 55.9K shares	Q3 2025 Held for 2 months	$1.3B
G GROUP ONE TRADING, L.P. Institution	-	0.01% $280.6K	0.00% 55.3K shares	Q4 2022 Held for 2y 11m	$3.3B
Empirical Financial Services, LLC RIA/Wealth	Kenneth Robert Smith CEO	0.01% $403.4K	0.00% 79.6K shares	Q1 2025 Held for 8 months	$5.0B
F FIL Ltd Institution	-	0.01% $10.0M	0.00% 1.9M shares	Q4 2024 Held for 11 months	$127.75B
C Capitolis Liquid Global Markets LLC Private Equity	Jeffrey Alden Lesage CCO	0.01% $752.9K	0.00% 148.5K shares	Q3 2025 Held for 2 months	$12.5B
Diversified Trust Co RIA/Wealth	Nathan Michael Dingler Managing Partner	0.01% $224.0K	0.00% 44.2K shares	Q2 2025 Held for 5 months	$4.0B

Hedge Fund Spotlight

Discover hedge funds investing in ZH

ARROWSTREET CAPITAL LIMITED PARTNERSHIP

Hedge Fund • Quant

Portfolio ManagerAnthony Ryan

Portfolio Value: $158.92B
Positions: 1,827
Last Reported: Q3 2025

Sector Allocation

Position in Zhihu

Market Value: $5.5M
Shares Held: 1.1M
Portfolio Weight: 0.00%
Owned Since: 2024-Q3

Top Holding	Sector	Market Value	Weight
1 Apple AAPL	Consumer Electronics Technology	$7.2B	4.51%
2 Microsoft MSFT	Software - Infrastructure Technology	$6.5B	4.11%
3 Nvidia NVDA	Semiconductors Technology	$4.8B	3.02%