# EDGAR Filing Document

**Accession Number:** 0002061808
**File Stem:** 0001104659-25-114776
**Filing Date:** 2025-11
**Character Count:** 11275
**Document Hash:** f286a063e46b34f18c1dac22e0f25245
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-114776.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0001104659-25-114776

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Zhihu Inc.
- **CENTRAL INDEX KEY:** 0001835724
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-92889
- **FILM NUMBER:** 251504581

**BUSINESS ADDRESS:**
- **STREET 1:** 18 XUEQING ROAD
- **STREET 2:** HAIDIAN DISTRICT
- **CITY:** BEIJING
- **STATE:** F4
- **ZIP:** 100083
- **BUSINESS PHONE:** 86 10 82716605

**MAIL ADDRESS:**
- **STREET 1:** 18 XUEQING ROAD
- **STREET 2:** HAIDIAN DISTRICT
- **CITY:** BEIJING
- **STATE:** F4
- **ZIP:** 100083
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Plus Channel Ltd
- **CENTRAL INDEX KEY:** 0002061808

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 1/F, 308 CENTRAL DES VOEUX
- **STREET 2:** NO. 308 DES VOEUX ROAD CENTRAL
- **CITY:** HONG KONG
- **STATE:** F4
- **ZIP:** 00000
- **BUSINESS PHONE:** 852 2760 2518

**MAIL ADDRESS:**
- **STREET 1:** 1/F, 308 CENTRAL DES VOEUX
- **STREET 2:** NO. 308 DES VOEUX ROAD CENTRAL
- **CITY:** HONG KONG
- **STATE:** F4
- **ZIP:** 00000

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 4)**

**Zhihu Inc.**

*(Name of Issuer)*

**Class A ordinary shares, par value US$0.000125 per share**

*(Title of Class of Securities)*

**98955N207**

*(CUSIP Number)*

**Tsang Suk Han**<br>23/F, Li Po Chun Chambers<br>189 Des Voeux Road Central<br>Hong Kong K3 00000<br>85227602518

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**11/18/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **98955N207** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Plus Channel Limited** | Name of reporting person<br>**Plus Channel Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**SC** | Source of funds (See Instructions)<br>**SC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D8** | Citizenship or place of organization<br>**D8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**22909037.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**22909037.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**22909037.00** | Aggregate amount beneficially owned by each reporting person<br>**22909037.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.0%** | Percent of class represented by amount in Row (11)<br>**9.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Shareholding includes (i) 22,041,537 Class A ordinary shares in the form of 7,347,179 ADSs and (ii) 867,500 Class A ordinary shares held by Plus Channel Limited. The percentage of the class of securities is calculated by dividing the number of shares beneficially owned by the reporting person by a total of 254,416,106 issued and outstanding Class A ordinary shares of the issuer as of October 31, 2025.

| **CUSIP No.** | **98955N207** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Kastle Limited** | Name of reporting person<br>**Kastle Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**SC** | Source of funds (See Instructions)<br>**SC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**HONG KONG** | Citizenship or place of organization<br>**HONG KONG** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**22909037.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**22909037.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**22909037.00** | Aggregate amount beneficially owned by each reporting person<br>**22909037.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.0%** | Percent of class represented by amount in Row (11)<br>**9.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**HC** | Type of Reporting Person (See Instructions)<br>**HC** | |

---

**Comment for Reporting Person:** Shareholding includes (i) 22,041,537 Class A ordinary shares in the form of 7,347,179 ADSs and (ii) 867,500 Class A ordinary shares held by Plus Channel Limited. The percentage of the class of securities is calculated by dividing the number of shares beneficially owned by the reporting person by a total of 254,416,106 issued and outstanding Class A ordinary shares of the issuer as of October 31, 2025.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Class A ordinary shares, par value US$0.000125 per share

**(b) Name of Issuer:**
Zhihu Inc.

**(c) Address of Issuer's Principal Executive Offices:**
18 Xueqing Road, Haidian District, Beijing, F4, 100083

This Amendment No. 4 to Schedule 13D (this "Amendment No. 4") amends and supplements the Statement on Schedule 13D originally filed with the U.S. Securities and Exchange Commission on March 20, 2025 (the "Original Schedule 13D"), as amended by Amendment No.1 to Schedule 13D filed on April 7, 2025, Amendment No. 2 to Schedule 13D filed on June 3, 2025 and Amendment No.3 to Schedule 13D filed on September 19, 2025 (together, the "Statement") filed by Plus Channel Limited and Kastle Limited (each a "Reporting Person" and collectively the "Reporting Persons") with respect to Class A ordinary shares of Zhihu Inc. (the "Issuer"). Except as provided herein, this Amendment No. 4 does not modify any of the information previously reported on the Statement. Capitalized terms used but not defined in this Amendment No. 4 have the meanings ascribed to them in the Statement.

**Item 4. Purpose of Transaction**

Item 4 of the Original Schedule 13D is hereby amended and supplemented by the following:

The information set forth in Item 3 is hereby incorporated by reference in its entirety. The Reporting Persons hold the Class A ordinary shares they beneficially owned on trust under the Issuer's share incentive plan adopted in 2022.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5 of the Original Schedule 13D is hereby amended and supplemented by the following:

The responses of each Reporting Person to Rows (7) through (13) of the cover pages of this Amendment No. 2 are hereby incorporated by reference in this Item 5.

The Reporting Persons in aggregate own 22,909,037 Class A ordinary shares of the Issuer, including (i) 22,041,537 Class A ordinary shares in the form of 7,347,179 ADSs and (ii) 867,500 Class A ordinary shares held by Plus Channel Limited. Plus Channel Limited is wholly-owned by Kastle Limited. The percentage of the class of securities is calculated by dividing the number of shares beneficially owned by the reporting person by a total of 254,416,106 issued and outstanding Class A ordinary shares of the issuer as of October 31, 2025.

**(b)**
22,909,037; see the response to Item 5(a).

**(c)**
Plus Channel Limited had been repurchasing the issuer's shares during the past 60 days, with a repurchase of 30,000 Class A ordinary shares in the form of 10,000 ADSs on November 18, 2025 that made the shareholding of the Reporting Persons to increase to 9.0%, constituting a material change.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The information set forth in Items 3, 4 and 5 is hereby incorporated by reference in its entirety.

To the best knowledge of the Reporting Persons, except as provided herein, there are no other contracts, arrangements, understandings or relationships (legal or otherwise) between the Reporting Persons and between any of the Reporting Persons and any other person with respect to any securities of the Issuer, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, divisions of profits or loss, or the giving or withholding of proxies, or a pledge or contingency, the occurrence of which would give another person voting power over the securities of the issuer.

### SIGNATURE

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.

**Reporting Person:** Plus Channel Limited

**Signature:** /s/ TSANG SUK HAN

**Name/Title:** TSANG SUK HAN, Director of Kastle Limited which is the director of Plus Channel Limited

**Date:** 11/21/2025

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.

**Reporting Person:** Kastle Limited

**Signature:** /s/ TSANG SUK HAN

**Name/Title:** TSANG SUK HAN, Director

**Date:** 11/21/2025