Company: ZHIHF
Filing Date: 2025-04-15
Form Type: 20-F
Source: 0001410578-25-000729
Chunk: 105

Company: Zhihu Inc.
Filing Date: 2025-04-15
Form: 20-F
Item: Item 3
Chunk 105
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 services, for which we may face competition for consumer spending with other online content communities and e-commerce platforms.

Table of Contents

We compete with our competitors based on several key factors. These include the community culture, content quality and breadth, and governance mechanism that we have fostered over the past decade, the strength and reputation of our Zhihu brand for trustworthiness, our ability to provide high-quality content and develop new products, services and enhancements to existing products and services to meet evolving user preferences and demands, and our ability to sustainably grow our user base.

As we introduce new products and services and refine existing ones, and as our competitors introduce their new products and services, we may face heightened competition.

Regulations

Regulations on Value-Added Telecommunications Services

Licenses for Value-Added Telecommunications Services

The PRC Telecommunications Regulations, promulgated by the State Council on September 25, 2000 and last amended with immediate effect on February 6, 2016, provide the regulatory framework for telecommunications service providers in China. The PRC Telecommunications Regulations classify telecommunications services into basic telecommunications services and value-added telecommunications services. Providers of value-added telecommunications services are required to obtain a license for value-added telecommunications services. According to the Catalog of Telecommunications Services which is included in the PRC Telecommunications Regulations and was last amended by the MIIT on June 6, 2019, information services provided via public communication network or the internet are value- added telecommunications services.

As a subcategory of the value-added telecommunications services, internet information services are regulated by the Administrative Measures on Internet Information Services, which were promulgated by the State Council on September 25, 2000 and last amended on December 6, 2024 and became effective on January 20, 2025. Internet information services are defined as “services that provide information to online users through the internet.” The Administrative Measures on Internet Information Services classifies internet information services into non-commercial internet information services and commercial internet information services. Commercial internet information service providers must obtain an ICP License from appropriate telecommunications authorities. An ICP License has a term of five years and can be renewed within 90 days prior to its expiration, according to the Administrative Measures for Telecommunications Businesses Operating Licensing, which were promulgated by the MIIT on March 1, 2009, were most recently amended on July 3, 2017, and became effective on September 1, 2017.

Restrictions on Foreign Investment in Value-