# EDGAR Filing Document

**Accession Number:** 0001835724
**File Stem:** 0001104659-23-014729
**Filing Date:** 2023-2
**Character Count:** 23591
**Document Hash:** d5e55c62d8c9c81f2789ac4235901762
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-014729.hdr.sgml**: 20230209

**ACCESSION NUMBER**: 0001104659-23-014729

**CONFORMED SUBMISSION TYPE**: SC 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230209

**DATE AS OF CHANGE**: 20230208

**GROUP MEMBERS**: INNOVATION WORKS DEVELOPMENT FUND GP, L.P.

**GROUP MEMBERS**: INNOVATION WORKS DEVELOPMENT FUND GP, LLC

**GROUP MEMBERS**: INNOVATION WORKS HOLDINGS LTD

**GROUP MEMBERS**: KAI-FU LEE

**GROUP MEMBERS**: PETER LIU

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Zhihu Inc.
- **CENTRAL INDEX KEY:** 0001835724
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-92889
- **FILM NUMBER:** 23600872

**BUSINESS ADDRESS:**
- **STREET 1:** NO. A5, XUEYUAN ROAD
- **STREET 2:** HAIDIAN DISTRICT
- **CITY:** BEIJING
- **STATE:** F4
- **ZIP:** 100083
- **BUSINESS PHONE:** 86 10 82716605

**MAIL ADDRESS:**
- **STREET 1:** NO. A5, XUEYUAN ROAD
- **STREET 2:** HAIDIAN DISTRICT
- **CITY:** BEIJING
- **STATE:** F4
- **ZIP:** 100083
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Innovation Works Development Fund, L.P.
- **CENTRAL INDEX KEY:** 0001513310
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** C/O MAPLES CORPORATE SERVICES LIMITED
- **STREET 2:** UGLAND HOUSE, P.O. BOX 309
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1104
- **BUSINESS PHONE:** (415) 477-8874

**MAIL ADDRESS:**
- **STREET 1:** C/O MAPLES CORPORATE SERVICES LIMITED
- **STREET 2:** UGLAND HOUSE, P.O. BOX 309
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1104

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Schedule 13G

(Rule 13d-102)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13d-1 (b), (c) AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2 (b)

(Amendment No. 1)\*

Zhihu Inc.

(Name of Issuer)

Class A Ordinary Shares, par value US$0.000125 per share

(Title of Class of Securities)

98955N108\*\*

(CUSIP Number)

December 31, 2022

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

◻ Rule 13d-1(b)

◻ Rule 13d-1(c)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⌧ Rule
 13d-1(d)

\*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

\*\* The CUSIP Number is for the American Depositary Shares relating to Class A ordinary shares, with each two American Depositary Shares representing one of the Class A ordinary shares.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

(Continued on following pages)

Page 1 of 12 Pages

Exhibit Index Contained on Page 10

CUSIP NO. 98955N108 13 G Page 2 of 12

---

| | |
|:---|:---|
| &nbsp;&nbsp;1 | &nbsp;&nbsp; NAME OF REPORTING PERSONS<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Entities Only).<br>Innovation Works Development Fund, L.P. ("<u>Innovation I</u>")  |
| &nbsp;&nbsp;2 | &nbsp;&nbsp; CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)<br> (a) ◻ <br> (b) ⌧ |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;SEC USE ONLY |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION<br> Cayman Islands |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY<br> EACH <br> REPORTING <br> PERSON <br> WITH | &nbsp;&nbsp;5 | &nbsp;&nbsp;SOLE VOTING POWER.<br>16,635,560 shares, all of which are directly owned by Innovation I, except that Innovation Works Development Fund GP, L.P. ("<u>Partners I</u>"), the general partner of Innovation I, and Innovation Works Development Fund GP, LLC ("<u>Partners I LLC</u>"), the general partner of Partners I, may be deemed to have sole voting power, and Peter Liu and Kai-Fu Lee, the members of Partners I LLC (the "<u>Members</u>"), may be deemed to have shared voting power with respect to such shares. |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY<br> EACH <br> REPORTING <br> PERSON <br> WITH | &nbsp;&nbsp;6 | &nbsp;&nbsp;SHARED VOTING POWER<br>See response to row 5. |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY<br> EACH <br> REPORTING <br> PERSON <br> WITH | &nbsp;&nbsp;7 | &nbsp;&nbsp; SOLE DISPOSITIVE POWER<br>16,635,560 shares, all of which are directly owned by Innovation I, except that Partners I and Partners I LLC may be deemed to have sole dispositive power, and the Members may be deemed to have shared dispositive power with respect to such shares. |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY<br> EACH <br> REPORTING <br> PERSON <br> WITH | &nbsp;&nbsp;8 | &nbsp;&nbsp;SHARED DISPOSITIVE POWER<br>See response to row 7. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;9 | &nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>| &nbsp;&nbsp;16635560 |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See Instructions) | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | &nbsp;&nbsp;5.50%<sup>1</sup> |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;TYPE OF REPORTING PERSON (See Instructions) | &nbsp;&nbsp;PN |

---

<sup>1</sup> This percentage is calculated based on 302,261,622 shares of Class A ordinary shares, which is the total Class A ordinary shares reported by the Issuer to be outstanding as of December 31, 2022 in its form 6-K filed with the Securities and Exchange Commission on January 9, 2023.

CUSIP NO. 98955N108 13 G Page 3 of 12

---

| | |
|:---|:---|
| &nbsp;&nbsp;1 | &nbsp;&nbsp; NAME OF REPORTING PERSONS<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Entities Only).<br>Innovation Works Development Fund GP, L.P. ("<u>Partners I</u>") |
| &nbsp;&nbsp;2 | &nbsp;&nbsp; CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)<br> (a) ◻ <br> (b) ⌧ |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;SEC USE ONLY |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION<br> Cayman Islands |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY EACH <br> REPORTING <br> PERSON <br> WITH | &nbsp;&nbsp;5 | &nbsp;&nbsp;SOLE VOTING POWER<br>16,635,560 shares, all of which are directly owned by Innovation I, except that Partners I and Partners I LLC may be deemed to have sole voting power, and the Members may be deemed to have shared voting power with respect to such shares. |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY EACH <br> REPORTING <br> PERSON <br> WITH | &nbsp;&nbsp;6 | &nbsp;&nbsp;SHARED VOTING POWER<br>See response to row 5. |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY EACH <br> REPORTING <br> PERSON <br> WITH | &nbsp;&nbsp;7 | &nbsp;&nbsp; SOLE DISPOSITIVE POWER.<br>16,635,560 shares, all of which are directly owned by Innovation I, except that Partners I and Partners I LLC may be deemed to have sole dispositive power, and the Members may be deemed to have shared dispositive power with respect to such shares. |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY EACH <br> REPORTING <br> PERSON <br> WITH | &nbsp;&nbsp;8 | &nbsp;&nbsp;SHARED DISPOSITIVE POWER<br>See response to row 7. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;9 | &nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>| &nbsp;&nbsp;16635560 |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See Instructions) | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | &nbsp;&nbsp;5.50%<sup>2</sup> |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;TYPE OF REPORTING PERSON (See Instructions) | &nbsp;&nbsp;PN |

---

<sup>2</sup> This percentage is calculated based on 302,261,622 shares of Class A ordinary shares, which is the total Class A ordinary shares reported by the Issuer to be outstanding as of December 31, 2022 in its form 6-K filed with the Securities and Exchange Commission on January 9, 2023.

CUSIP NO. 98955N108 13 G Page 4 of 12

---

| | |
|:---|:---|
| &nbsp;&nbsp;1 | &nbsp;&nbsp; NAME OF REPORTING PERSONS<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Entities Only).<br>Innovation Works Development Fund GP, LLC ("Partners I LLC")  |
| &nbsp;&nbsp;2 | &nbsp;&nbsp; CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)<br> (a) ◻ <br> (b) ⌧ |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;SEC USE ONLY |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION<br> Cayman Islands |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY EACH <br> REPORTING <br> PERSON <br> WITH | &nbsp;&nbsp;5 | &nbsp;&nbsp;SOLE VOTING POWER.<br>16,635,560 shares, all of which are directly owned by Innovation I, except that Partners I and Partners I LLC may be deemed to have sole voting power, and the Members may be deemed to have shared voting power with respect to such shares. |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY EACH <br> REPORTING <br> PERSON <br> WITH | &nbsp;&nbsp;6 | &nbsp;&nbsp;SHARED VOTING POWER<br>See response to row 5. |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY EACH <br> REPORTING <br> PERSON <br> WITH | &nbsp;&nbsp;7 | &nbsp;&nbsp; SOLE DISPOSITIVE POWER<br>16,635,560 shares, all of which are directly owned by Innovation I, except that Partners I and Partners I LLC may be deemed to have sole dispositive power, and the Members may be deemed to have shared dispositive power with respect to such shares. |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY EACH <br> REPORTING <br> PERSON <br> WITH | &nbsp;&nbsp;8 | &nbsp;&nbsp;SHARED DISPOSITIVE POWER<br>See response to row 7. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;9 | &nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>| &nbsp;&nbsp;16635560 |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See Instructions) | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | &nbsp;&nbsp;5.50%<sup>3</sup> |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;TYPE OF REPORTING PERSON (See Instructions) | &nbsp;&nbsp;OO |

---

<sup>3</sup> This percentage is calculated based on 302,261,622 shares of Class A ordinary shares, which is the total Class A ordinary shares reported by the Issuer to be outstanding as of December 31, 2022 in its form 6-K filed with the Securities and Exchange Commission on January 9, 2023.

CUSIP NO. 98955N108 13 G Page 5 of 12

---

| | |
|:---|:---|
| &nbsp;&nbsp;1 | &nbsp;&nbsp; NAME OF REPORTING PERSONS<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Entities Only).<br>Innovation Works Holdings Limited ("Innovation Ltd")  |
| &nbsp;&nbsp;2 | &nbsp;&nbsp; CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)<br> (a) ◻ <br> (b) ⌧ |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;SEC USE ONLY |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION<br> British Virgin Islands |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY EACH <br> REPORTING <br> PERSON <br> WITH | &nbsp;&nbsp;5 | &nbsp;&nbsp;SOLE VOTING POWER.<br>5,652,058 shares, all of which are directly owned by Innovation Ltd, except that Kai-Fu Lee ("Dr. Lee") may be deemed to have sole voting power with respect to such shares. |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY EACH <br> REPORTING <br> PERSON <br> WITH | &nbsp;&nbsp;6 | &nbsp;&nbsp;SHARED VOTING POWER<br>See response to row 5. |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY EACH <br> REPORTING <br> PERSON <br> WITH | &nbsp;&nbsp;7 | &nbsp;&nbsp; SOLE DISPOSITIVE POWER<br>5,652,058 shares, all of which are directly owned by Innovation Ltd, except that Dr. Lee may be deemed to have sole dispositive power with respect to such shares. |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY EACH <br> REPORTING <br> PERSON <br> WITH | &nbsp;&nbsp;8 | &nbsp;&nbsp;SHARED DISPOSITIVE POWER<br>See response to row 7. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;9 | &nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>| &nbsp;&nbsp;5652058 |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See Instructions) | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | &nbsp;&nbsp;1.87%<sup>4</sup> |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;TYPE OF REPORTING PERSON (See Instructions) | &nbsp;&nbsp;OO |

---

<sup>4</sup> This percentage is calculated based on 302,261,622 shares of Class A ordinary shares, which is the total Class A ordinary shares reported by the Issuer to be outstanding as of December 31, 2022 in its form 6-K filed with the Securities and Exchange Commission on January 9, 2023.

CUSIP NO. 98955N108 13 G Page 6 of 12

---

| | |
|:---|:---|
| &nbsp;&nbsp;1 | &nbsp;&nbsp; NAME OF REPORTING PERSONS<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Entities Only).<br>Peter Liu ("Liu")  |
| &nbsp;&nbsp;2 | &nbsp;&nbsp; CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)<br> (a) ◻ <br> (b) ⌧ |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;SEC USE ONLY |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION<br> United States |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY EACH <br> REPORTING <br> PERSON <br> WITH | &nbsp;&nbsp;5 | &nbsp;&nbsp;SOLE VOTING POWER.<br>0 shares. |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY EACH <br> REPORTING <br> PERSON <br> WITH | &nbsp;&nbsp;6 | &nbsp;&nbsp;SHARED VOTING POWER<br>16,635,560 shares, all of which are directly owned by Innovation I, except that Partners I and Partners I LLC may be deemed to have sole voting power, and the Members may be deemed to have shared voting power with respect to such shares. |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY EACH <br> REPORTING <br> PERSON <br> WITH | &nbsp;&nbsp;7 | &nbsp;&nbsp; SOLE DISPOSITIVE POWER.<br>0 shares. |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY EACH <br> REPORTING <br> PERSON <br> WITH | &nbsp;&nbsp;8 | &nbsp;&nbsp;SHARED DISPOSITIVE POWER.<br>16,635,560 shares, all of which are directly owned by Innovation I, except that Partners I and Partners I LLC may be deemed to have sole dispositive power, and the Members may be deemed to have shared dispositive power with respect to such shares. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;9 | &nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>| &nbsp;&nbsp;16635560 |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See Instructions) | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | &nbsp;&nbsp;5.50%<sup>5</sup> |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;TYPE OF REPORTING PERSON (See Instructions) | &nbsp;&nbsp;IN |

---

<sup>5</sup> This percentage is calculated based on 302,261,622 shares of Class A ordinary shares, which is the total Class A ordinary shares reported by the Issuer to be outstanding as of December 31, 2022 in its form 6-K filed with the Securities and Exchange Commission on January 9, 2023.

CUSIP NO. 98955N108 13 G Page 7 of 12

---

| | |
|:---|:---|
| &nbsp;&nbsp;1 | &nbsp;&nbsp; NAME OF REPORTING PERSONS<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Entities Only).<br>Kai-Fu Lee ("Dr. Lee")  |
| &nbsp;&nbsp;2 | &nbsp;&nbsp; CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)<br> (a) ◻ <br> (b) ⌧ |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;SEC USE ONLY |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION<br> Taiwan, China |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY EACH <br> REPORTING <br> PERSON <br> WITH | &nbsp;&nbsp;5 | &nbsp;&nbsp;SOLE VOTING POWER.<br>5,652,058 shares, all of which are directly owned by Innovation Ltd, except that Dr. Lee may be deemed to have sole voting power with respect to such shares. |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY EACH <br> REPORTING <br> PERSON <br> WITH | &nbsp;&nbsp;6 | &nbsp;&nbsp;SHARED VOTING POWER<br>16,635,560 shares, all of which are directly owned by Innovation I, except that Partners I and Partners I LLC may be deemed to have sole voting power, and the Members may be deemed to have shared voting power with respect to such shares. |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY EACH <br> REPORTING <br> PERSON <br> WITH | &nbsp;&nbsp;7 | &nbsp;&nbsp; SOLE DISPOSITIVE POWER.<br>5,652,058 shares, all of which are directly owned by Innovation Ltd, except that Dr. Lee may be deemed to have sole dispositive power with respect to such shares. |
| NUMBER OF <br> SHARES <br> BENEFICIALLY <br> OWNED BY EACH <br> REPORTING <br> PERSON <br> WITH | &nbsp;&nbsp;8 | &nbsp;&nbsp;SHARED DISPOSITIVE POWER.<br>16,635,560 shares, all of which are directly owned by Innovation I, except that Partners I and Partners I LLC may be deemed to have sole dispositive power, and the Members may be deemed to have shared dispositive power with respect to such shares. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;9 | &nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>| &nbsp;&nbsp;22287618 |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See Instructions) | &nbsp;&nbsp;◻ |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | &nbsp;&nbsp;7.37%<sup>6</sup> |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;TYPE OF REPORTING PERSON (See Instructions) | &nbsp;&nbsp;IN |

---

<sup>6</sup> This percentage is calculated based on 302,261,622 shares of Class A ordinary shares, which is the total Class A ordinary shares reported by the Issuer to be outstanding as of December 31, 2022 in its form 6-K filed with the Securities and Exchange Commission on January 9, 2023.

CUSIP NO. 98955N108 13 G Page 8 of 12

This Amendment No.1 amends the Statement on Schedule 13G previously filed by (i) Innovation Works Development Fund, L.P., a Cayman Islands limited partnership ("<u>Innovation I</u>"); (ii) Innovation Works Development Fund GP, L.P., a Cayman Islands limited partnership ("<u>Partners I</u>"); (iii) Innovation Works Development Fund GP, LLC, a Cayman Islands limited liability company ("<u>Partners I LLC</u>"); (iv) Innovation Works Holdings Limited, a British Virgin Islands limited company ("<u>Innovation Ltd</u>"); (v) Peter Liu ("<u>Liu</u>"), a citizen of the United States; and (vi) Kai-Fu Lee ("<u>Dr. Lee</u>"), a citizen of Taiwan, China. The foregoing entities and individuals are collectively referred to as the "Reporting Persons." Only those items as to which there has been a change are included in this Amendment No.1.

ITEM 4. <u>OWNERSHIP</u> The following information with respect to the ownership of the Common Stock of the issuer by the persons filing this Statement is provided as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Amount beneficially owned</u>:<br>
See Row 9 of cover page for each Reporting Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Percent of Class</u>:<br>
See Row 11 of cover page for each Reporting Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Number of shares as to which such person has</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Sole power to vote or to direct the vote</u>:<br>
See Row 5 of cover page for each Reporting Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Shared power to vote or to direct the vote</u>:

See Row 6 of cover page for each Reporting Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Sole power to dispose or to direct the disposition of</u>:

See Row 7 of cover page for each Reporting Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Shared power to dispose or to direct the disposition of</u>:<br>
See Row 8 of cover page for each Reporting Person.

CUSIP NO. 98955N108 13 G Page 9 of 12

<u>SIGNATURES</u>

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: February 8, 2023

---

| | |
|:---|:---|
| Entities: | Innovation Works Development Fund, L.P. |
|  | Innovation Works Development Fund GP, L.P. |
|  | Innovation Works Development Fund GP, LLC |
|  | Innovation Works Holdings Limited |

---

---

| | |
|:---|:---|
| By: | /s/ Cissy Law |
|  | Cissy Law, Attorney-in-fact for |
|  | the above-listed entities |

---

Individuals: Peter Liu <br> Kai-Fu Lee <br>

---

| | |
|:---|:---|
| By: | /s/ Cissy Law |
|  | Cissy Law, Attorney-in-fact for |
|  | the above-listed individuals |

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CUSIP NO. 98955N108 13 G Page 10 of 12

<u>EXHIBIT INDEX</u>

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| | |
|:---|:---|
|  | Found on <br> Sequentially |
| Exhibit | Numbered Page |
| Exhibit A: Agreement of Joint Filing | 11 |
| Exhibit B: Power of Attorney | 12 |

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CUSIP NO. 98955N108 13 G Page 11 of 12

<u>exhibit A</u>

<u>Agreement of Joint Filing</u>

The Reporting Persons hereby agree that a single Schedule 13G (or any amendment thereto) relating to the ordinary shares of Zhihu, Inc. shall be filed on behalf of each of the Reporting Persons. Note that a copy of the applicable Agreement of Joint Filing is already on file with the appropriate agencies.

CUSIP NO. 98955N108 13 G Page 12 of 12

<u>exhibit B</u>

<u>POWER OF ATTORNEY</u>

Cissy Law has signed this Schedule 13G as Attorney-in-fact. Note that copies of the applicable Power of Attorney are already on file with the appropriate agencies.