Company: ZHIHF
Filing Date: 2025-04-15
Form Type: 20-F
Source: 0001410578-25-000729
Chunk: 12

Company: Zhihu Inc.
Filing Date: 2025-04-15
Form: 20-F
Item: Item 3
Chunk 12
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 in fees related services provided by the WFO...  
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Table of Contents

B. Capitalization and Indebtedness

Not applicable.

C. Reasons for the Offer and Use of Proceeds

Not applicable.

D. Risks Factors

Summary of Risk Factors

An investment in the ADSs or our Class A ordinary shares involves significant risks. Below is a summary of material risks that we face, organized under relevant headings. These risks are discussed more fully in “ Item 3. Key Information - D. Risk Factors.”

Risks Relating to Our Business and Industry

  Our business depends on our ability to offer high-quality user-generated content for our users.  

  Our success depends on our ability to attract and maintain an engaged user base.  

  If we fail to maintain and strengthen our community culture, brand, and reputation, our ability to expand our user base and enhance content-centric monetization could be impaired, and our busin...  

  We have incurred net loss and negative operating cash flow in the past, which may continue in the future.  
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  We may not be able to manage our growth effectively, which may compromise the success of our business.  
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  We are subject to risks associated with financing activities and liquidity.  

  If we fail to retain or attract merchants and brands, or to increase their spending with us, our business, financial condition, and results of operations may be materially and adversely affected.  
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  We cannot assure you that our new business initiatives and monetization strategies will be successfully implemented.  

  We operate in a highly competitive market, and may not be able to compete effectively.  
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  If we fail to keep up with the technological developments, our business, financial condition, results of operations, and prospects may be materially and adversely affected.  
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  Our business is subject to complex and evolving laws and regulations regarding cybersecurity and data privacy.