BEIJING, April 26,
2024 /PRNewswire/ -- Zhihu Inc. (NYSE: ZH; HKEX:
2390) ("Zhihu" or the "Company"), a leading online content
community in China, today
announced that it plans to change the ratio of its American
depositary shares ("ADSs") to its Class A ordinary shares (the "ADS
Ratio Change"), par value US$0.0001
per share, from the current ratio of two ADSs representing one
Class A ordinary share to a new ratio of one ADS representing three
Class A ordinary shares, effective on or about May 10, 2024, U.S. Eastern Time (the "Effective
Date").
For the Company's ADS holders, the ADS Ratio Change will have
the same effect as a one-for-six reverse ADS split. Upon the
Effective Date, ADS holders will be required to surrender and
exchange every six existing ADSs then held for one new ADS.
JPMorgan Chase Bank, N.A., as the depositary bank for the Company's
ADS program, will arrange for the exchange. The Company's ADSs will
continue to be traded on the New York Stock Exchange under the
ticker symbol "ZH."
No fractional new ADSs will be issued in connection with the ADS
Ratio Change. Instead, fractional entitlements to new ADSs will be
aggregated and sold by the depositary bank and the net cash
proceeds from the sale of the fractional ADS entitlements (after
deduction of fees, taxes, and expenses, where applicable) will be
distributed to the applicable ADS holders by the depositary bank.
The ADS Ratio Change will have no impact on the Company's
underlying Class A ordinary shares, and no ordinary shares will be
issued or cancelled in connection with the ADS Ratio Change.
As a result of the ADS Ratio Change, the ADS trading price is
expected to increase proportionately upon the effectiveness of the
ADS Ratio Change, although the Company can give no assurance that
the ADS trading price after the ADS Ratio Change will be equal to
or greater than six times the ADS trading price before the
change.
About Zhihu Inc.
Zhihu Inc. (NYSE: ZH; HKEX: 2390) is a leading online
content community in China where people come to find
solutions, make decisions, seek inspiration, and have fun. Since
the initial launch in 2010, we have grown from a Q&A community
into one of the top comprehensive online content communities and
the largest Q&A-inspired online content community
in China. For more information, please
visit https://ir.zhihu.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Statements that
are not historical facts, including statements about the Company's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties, and a number of factors could cause actual results
to differ materially from those contained in any forward-looking
statement. In some cases, forward-looking statements can be
identified by words or phrases such as "may," "will," "expect,"
"anticipate," "target," "aim," "estimate," "intend," "plan,"
"believe," "potential," "continue," "is/are likely to," or other
similar expressions. Further information regarding these and other
risks, uncertainties or factors is included in the Company's
filings with the SEC and the Hong Kong Stock Exchange. All
information provided in this press release is as of the date of
this press release, and the Company does not undertake any duty to
update such information, except as required under applicable
law.
For investor and media inquiries, please
contact:
In China:
Zhihu Inc.
Email: ir@zhihu.com
Piacente Financial Communications
Helen Wu
Tel: +86-10-6508-0677
Email: zhihu@tpg-ir.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Phone: +1-212-481-2050
Email: zhihu@tpg-ir.com
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SOURCE Zhihu Inc.