<SEC-DOCUMENT>0001104659-25-114776.txt : 20251121
<SEC-HEADER>0001104659-25-114776.hdr.sgml : 20251121
<ACCEPTANCE-DATETIME>20251121065405
ACCESSION NUMBER:		0001104659-25-114776
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251121
DATE AS OF CHANGE:		20251121

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Zhihu Inc.
		CENTRAL INDEX KEY:			0001835724
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-92889
		FILM NUMBER:		251504581

	BUSINESS ADDRESS:	
		STREET 1:		18 XUEQING ROAD
		STREET 2:		HAIDIAN DISTRICT
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100083
		BUSINESS PHONE:		86 10 82716605

	MAIL ADDRESS:	
		STREET 1:		18 XUEQING ROAD
		STREET 2:		HAIDIAN DISTRICT
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100083

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Plus Channel Ltd
		CENTRAL INDEX KEY:			0002061808
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			D8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		1/F, 308 CENTRAL DES VOEUX
		STREET 2:		NO. 308 DES VOEUX ROAD CENTRAL
		CITY:			HONG KONG
		STATE:			F4
		ZIP:			00000
		BUSINESS PHONE:		852 2760 2518

	MAIL ADDRESS:	
		STREET 1:		1/F, 308 CENTRAL DES VOEUX
		STREET 2:		NO. 308 DES VOEUX ROAD CENTRAL
		CITY:			HONG KONG
		STATE:			F4
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13D" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13D/A</submissionType>
    <previousAccessionNumber>0001104659-25-025896</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Plus Channel Ltd -->
          <cik>0002061808</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>4</amendmentNo>
      <securitiesClassTitle>Class A ordinary shares, par value US$0.000125 per share</securitiesClassTitle>
      <dateOfEvent>11/18/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0001835724</issuerCIK>
        <issuerCUSIP>98955N207</issuerCUSIP>
        <issuerName>Zhihu Inc.</issuerName>
        <address>
          <com:street1>18 Xueqing Road</com:street1>
          <com:street2>Haidian District</com:street2>
          <com:city>Beijing</com:city>
          <com:stateOrCountry>F4</com:stateOrCountry>
          <com:zipCode>100083</com:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>Tsang Suk Han</personName>
          <personPhoneNum>85227602518</personPhoneNum>
          <personAddress>
            <com:street1>23/F, Li Po Chun Chambers</com:street1>
            <com:street2>189 Des Voeux Road Central</com:street2>
            <com:city>Hong Kong</com:city>
            <com:stateOrCountry>K3</com:stateOrCountry>
            <com:zipCode>00000</com:zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0002061808</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Plus Channel Limited</reportingPersonName>
        <fundType>SC</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>D8</citizenshipOrOrganization>
        <soleVotingPower>22909037.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>22909037.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>22909037.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>9.0</percentOfClass>
        <typeOfReportingPerson>CO</typeOfReportingPerson>
        <commentContent>Shareholding includes (i) 22,041,537 Class A ordinary shares in the form of 7,347,179 ADSs and (ii) 867,500 Class A ordinary shares held by Plus Channel Limited. The percentage of the class of securities is calculated by dividing the number of shares beneficially owned by the reporting person by a total of 254,416,106 issued and outstanding Class A ordinary shares of the issuer as of October 31, 2025.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>Kastle Limited</reportingPersonName>
        <fundType>SC</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>K3</citizenshipOrOrganization>
        <soleVotingPower>22909037.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>22909037.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>22909037.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>9.0</percentOfClass>
        <typeOfReportingPerson>HC</typeOfReportingPerson>
        <commentContent>Shareholding includes (i) 22,041,537 Class A ordinary shares in the form of 7,347,179 ADSs and (ii) 867,500 Class A ordinary shares held by Plus Channel Limited. The percentage of the class of securities is calculated by dividing the number of shares beneficially owned by the reporting person by a total of 254,416,106 issued and outstanding Class A ordinary shares of the issuer as of October 31, 2025.</commentContent>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Class A ordinary shares, par value US$0.000125 per share</securityTitle>
        <issuerName>Zhihu Inc.</issuerName>
        <issuerPrincipalAddress>
          <com:street1>18 Xueqing Road</com:street1>
          <com:street2>Haidian District</com:street2>
          <com:city>Beijing</com:city>
          <com:stateOrCountry>F4</com:stateOrCountry>
          <com:zipCode>100083</com:zipCode>
        </issuerPrincipalAddress>
        <commentText>This Amendment No. 4 to Schedule 13D (this "Amendment No. 4") amends and supplements the Statement on Schedule 13D originally filed with the U.S. Securities and Exchange Commission on March 20, 2025 (the "Original Schedule 13D"), as amended by Amendment No.1 to Schedule 13D filed on April 7, 2025, Amendment No. 2 to Schedule 13D filed on June 3, 2025 and Amendment No.3 to Schedule 13D filed on September 19, 2025 (together, the "Statement") filed by Plus Channel Limited and Kastle Limited (each a "Reporting Person" and collectively the "Reporting Persons") with respect to Class A ordinary shares of Zhihu Inc. (the "Issuer"). Except as provided herein, this Amendment No. 4 does not modify any of the information previously reported on the Statement. Capitalized terms used but not defined in this Amendment No. 4 have the meanings ascribed to them in the Statement.</commentText>
      </item1>
      <item2>
        <hasBeenConvicted>No</hasBeenConvicted>
        <convictionDescription>No</convictionDescription>
      </item2>
      <item3>
        <fundsSource>Item 3 of the Original Schedule 13D is hereby amended and supplemented by the following:

Since the filing of the Amendment No. 3, the Reporting Persons continued to conduct share repurchases on the New York Stock Exchange and the Stock Exchange of Hong Kong Limited. The funds were provided by the Issuer from its working capital.</fundsSource>
      </item3>
      <item4>
        <transactionPurpose>Item 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.</transactionPurpose>
      </item4>
      <item5>
        <percentageOfClassSecurities>Item 5 of the Original Schedule 13D is hereby amended and supplemented by the following:

The responses of each Reporting Person to Rows (7) through (13) of the cover pages of this Amendment No. 2 are hereby incorporated by reference in this Item 5.

The Reporting Persons in aggregate own 22,909,037 Class A ordinary shares of the Issuer, including (i) 22,041,537 Class A ordinary shares in the form of 7,347,179 ADSs and (ii) 867,500 Class A ordinary shares held by Plus Channel Limited. Plus Channel Limited is wholly-owned by Kastle Limited. The percentage of the class of securities is calculated by dividing the number of shares beneficially owned by the reporting person by a total of 254,416,106 issued and outstanding Class A ordinary shares of the issuer as of October 31, 2025.</percentageOfClassSecurities>
        <numberOfShares>22,909,037; see the response to Item 5(a).</numberOfShares>
        <transactionDesc>Plus Channel Limited had been repurchasing the issuer's shares during the past 60 days, with a repurchase of 30,000 Class A ordinary shares in the form of 10,000 ADSs on November 18, 2025 that made the shareholding of the Reporting Persons to increase to 9.0%, constituting a material change.</transactionDesc>
        <listOfShareholders>Except as disclosed in this Schedule 13D, no other person has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Class A ordinary shares beneficially owned by the Reporting Persons.</listOfShareholders>
        <date5PercentOwnership>Not applicable.</date5PercentOwnership>
      </item5>
      <item6>
        <contractDescription>The information set forth in Items 3, 4 and 5 is hereby incorporated by reference in its entirety.

To the best knowledge of the Reporting Persons, except as provided herein, there are no other contracts, arrangements, understandings or relationships (legal or otherwise) between the Reporting Persons and between any of the Reporting Persons and any other person with respect to any securities of the Issuer, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, divisions of profits or loss, or the giving or withholding of proxies, or a pledge or contingency, the occurrence of which would give another person voting power over the securities of the issuer.</contractDescription>
      </item6>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Plus Channel Limited</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ TSANG SUK HAN</signature>
          <title>TSANG SUK HAN, Director of Kastle Limited which is the director of Plus Channel Limited</title>
          <date>11/21/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Kastle Limited</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ TSANG SUK HAN</signature>
          <title>TSANG SUK HAN, Director</title>
          <date>11/21/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
