Company: ZHIHF
Filing Date: 2025-04-15
Form Type: 20-F
Source: 0001410578-25-000729
Chunk: 230

Company: Zhihu Inc.
Filing Date: 2025-04-15
Form: 20-F
Item: Item 3
Chunk 230
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 of our business is effectively denominated in Renminbi, while our ADSs are be traded in U. S. dollars.

The conversion of Renminbi into other currencies, including U. S. dollars, is based on rates set by the People’s Bank of China. The Renminbi has fluctuated against other currencies, at times significantly and unpredictably. The value of Renminbi against other currencies is affected by changes in China’s political and economic conditions and by China’s foreign exchange policies, among other things. It is difficult to predict how market forces or government policies may impact the exchange rate between Renminbi and other currencies in the future.

To the extent that we need to convert U. S. dollars or other currencies into Renminbi for our operations, appreciation of Renminbi against U. S. dollars would have an adverse effect on the Renminbi amount we receive from the conversion. Conversely, if we decide to convert Renminbi into U. S. dollars or other currency for the purpose of making payments to suppliers or for dividends on our ordinary shares or ADSs or for other business purposes, appreciation of U. S. dollars against Renminbi would have a negative effect on the U. S. dollar amounts available to us.

As of December 31, 2024, we had RMB-denominated cash and cash equivalents, term deposits, restricted cash and short-term investments of RMB2,807.9 million, and U. S. dollar-denominated cash and cash equivalents, term deposits, and short-term investments of US$285.3 million. Assuming we had converted RMB2,807.9 million into U. S. dollars at the exchange rate of RMB7.2993 for US$1.00 as of December 31, 2024, our U. S. dollar cash balance would have been US$670.0 million. If the RMB had depreciated by 10% against the U. S. dollar, our U. S. dollar cash balance would have been US$635.0 million instead.

Table of Contents

Item 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

A. Debt Securities

Not applicable.

B. Warrants and Rights

Not applicable.

C. Other Securities

Not applicable.

D. American Depositary Shares

Fees and Charges Our ADS Holders May Have to Pay

The depositary may charge each person to whom ADSs are issued, including, without limitation,