Company: ZHIHF
Filing Date: 2025-04-15
Form Type: 20-F
Source: 0001410578-25-000729
Chunk: 13

Company: Zhihu Inc.
Filing Date: 2025-04-15
Form: 20-F
Item: Item 3
Chunk 13
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Table of Contents

Risks Relating to Our Corporate Structure

  We are a Cayman Islands holding company with no equity ownership in the VIEs and we conduct our operations in China through (i) our PRC subsidiaries and (ii) the VIEs, with which we have mainta...  

  Our contractual arrangements may not be as effective in providing operational control as direct ownership and shareholders of the VIEs may fail to perform their obligations under our contractua...  
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  Our current corporate structure and business operations may be affected by the Foreign Investment Law.  
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Risks Relating to Doing Business in China

  Changes in China’s economic, political or social conditions, or government policies could materially and adversely affect our business and results of operations.  

  The PRC laws, rules and regulations and their interpretation and enforcement may evolve quickly, which could have a material adverse effect on us.  
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  The PRC government’s oversight over our business operations could result in a material adverse change in our operations and the value of our Class A ordinary shares and the ADSs.  

  If we fail to obtain and maintain the requisite licenses and approvals required under the complex regulatory environment applicable to our businesses in China, or if we are required to take com...  
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  The PCAOB had historically been unable to inspect our auditor in relation to their audit work performed for our financial statements and the inability of the PCAOB to conduct inspections of our...  

  Our ADSs may be prohibited from trading in the United States under the HFCAA in the future if the PCAOB is unable to inspect or investigate completely registered public accounting firms located...  
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Risks Relating to Our ADSs and Class A Ordinary Shares

  The trading prices of our Class A ordinary shares and the ADSs have been and may be volatile, which could result in substantial losses to investors.  
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