Company: ZHIHF
Filing Date: 2025-04-15
Form Type: 20-F
Source: 0001410578-25-000729
Chunk: 382

Company: Zhihu Inc.
Filing Date: 2025-04-15
Form: 20-F
Item: Item 12
Chunk 382
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●   a fee for the reimbursement of such fees, charges, and expenses as are incurred by the depositary and/or any of its agents (including, without limitation, the custodian and expenses incurred on behalf of ADR holders in connection with compliance with foreign exchange control regulations or any law or regulation relating to foreign investment) in connection with the servicing of the shares or other deposited securities, the sale of securities (including, without limitation, deposited securities), the delivery of deposited securities or otherwise in connection with the depositary’s or its custodian’s compliance with applicable law, rule or regulation (which fees and charges shall be assessed on a proportionate basis against ADR holders as of the record date or dates set by the depositary and shall be payable at the sole discretion of the depositary by billing such ADR holders or by deducting such charge from one or more cash dividends or other cash distributions);
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●   a fee for the distribution of securities (or the sale of securities in connection with a distribution), such fee being in an amount equal to the $0.05 per ADS issuance fee for the execution and delivery of ADSs which would have been charged as a result of the deposit of such securities (treating all such securities as if they were shares) but which securities or the net cash proceeds from the sale thereof are instead distributed by the depositary to those ADR holders entitled thereto;
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●   stock transfer or other taxes and other governmental charges.
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Fees and Other Payments Made by the Depositary to Us
Our depositary reimburses us for certain expenses we incur that are related to establishment and maintenance of the ADR program. For the year ended December 31, 2024, we received US$4.0 million of cash reimbursement, net of tax, from the depositary.
Conversion between Class A Ordinary Shares and ADSs
Dealings and Settlement of Class A Ordinary Shares in Hong Kong
Dealings in our Class A Ordinary Shares on the Hong Kong Stock Exchange are conducted in Hong Kong dollars. Our Class A Ordinary Shares are be traded on the Hong Kong Stock Exchange in board lots of 100 Class A Ordinary Shares. 
The transaction costs of dealings in our Class A Ordinary Shares on the Hong Kong Stock Exchange include:

●   Hong Kong Stock Exchange trading fee of 0.00565% of the consideration of the transaction, charged to each of the