ZHIHU INC

Ticker: ZH CUSIP: 98955N207 Class: Foreign Stock

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (5)

XTX Topco Ltd
Value ($000) $287 Shares 87,356
Point72 Asset Management, L.P.
Value ($000) $59 Shares 17,877
TWO SIGMA INVESTMENTS, LP
Value ($000) $50 Shares 15,100
ROYAL BANK OF CANADA
Value ($000) $1 Shares 265
PNC Financial Services Group, Inc.
Value ($000) $0 Shares 113

Increased Positions (8)

E Fund Management (Hong Kong) Co., Ltd.
Value ($000) $1,846 (+56.0%) Shares 518,652 (+122.2%)
Maven Securities LTD
Value ($000) $1,529 (+3.6%) Shares 466,008 (+60.2%)
STATE STREET CORP
Value ($000) $2,910 (-8.1%) Shares 887,258 (+42.0%)
JPMORGAN CHASE & CO
Value ($000) $411 (+16.6%) Shares 125,387 (+80.2%)
Dodge & Cox
Value ($000) $1,047 (-25.4%) Shares 319,164 (+15.3%)
Qube Research & Technologies Ltd
Value ($000) $216 (+52.9%) Shares 65,802 (+136.3%)
AMERIPRISE FINANCIAL INC
Value ($000) $208 (+13.7%) Shares 63,401 (+75.7%)
BNP PARIBAS ARBITRAGE, SA
Value ($000) $323 (-14.5%) Shares 98,356 (+32.2%)

Decreased Positions (25)

GSA CAPITAL PARTNERS LLP
Value ($000) $0 (-81.0%) Shares 44,878 (-70.5%)
Campbell & CO Investment Adviser LLC
Value ($000) $42 (-85.1%) Shares 12,839 (-77.0%)
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP
Value ($000) $1,638 (-70.4%) Shares 499,281 (-54.2%)
NORGES BANK
Value ($000) $802 (-86.7%) Shares 244,633 (-83.9%)
PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO
Value ($000) $11 (-98.8%) Shares 3,385 (-98.2%)
MORGAN STANLEY
Value ($000) $1,362 (-76.8%) Shares 415,396 (-64.1%)
GOLDMAN SACHS GROUP INC
Value ($000) $495 (-84.8%) Shares 150,806 (-76.5%)
MARSHALL WACE, LLP
Value ($000) $103 (-92.8%) Shares 31,300 (-88.9%)
SUSQUEHANNA INTERNATIONAL GROUP, LLP
Value ($000) $50 (-93.3%) Shares 15,240 (-89.6%)
NOMURA HOLDINGS INC
Value ($000) $113 (-80.1%) Shares 34,564 (-69.3%)
JANE STREET GROUP, LLC
Value ($000) $359 (-66.3%) Shares 109,469 (-47.9%)
UBS Group AG
Value ($000) $1,431 (-47.4%) Shares 436,334 (-18.6%)
VANGUARD GROUP INC
Value ($000) $5,916 (-37.8%) Shares 1,803,704 (-3.9%)
HSBC HOLDINGS PLC
Value ($000) $69 (-77.4%) Shares 21,033 (-64.8%)
BlackRock, Inc.
Value ($000) $115 (-63.3%) Shares 35,072 (-43.3%)
Russell Investments Group, Ltd.
Value ($000) $61 (-59.3%) Shares 18,420 (-36.1%)
Tower Research Capital LLC (TRC)
Value ($000) $1 (-93.2%) Shares 347 (-89.4%)
TWO SIGMA ADVISERS, LP
Value ($000) $51 (-46.2%) Shares 15,651 (-16.8%)
SIMPLEX TRADING, LLC
Value ($000) $35 (+38996.7%) Shares 10,728 (-40.2%)
Cedar Wealth Management, LLC
Value ($000) $6 (-49.1%) Shares 1,954 (-21.3%)

Exited Positions (9)

Empirical Financial Services, LLC d.b.a. Empirical Wealth Management
Value ($000) $403 Shares 79,558
Capitolis Liquid Global Markets LLC
Value ($000) $753 Shares 148,500
RENAISSANCE TECHNOLOGIES LLC
Value ($000) $437 Shares 86,288
NATIONAL BANK OF CANADA /FI/
Value ($000) $428 Shares 84,400
BARCLAYS PLC
Value ($000) $511 Shares 132,800
GROUP ONE TRADING, L.P.
Value ($000) $281 Shares 55,344
MILLENNIUM MANAGEMENT LLC
Value ($000) $222 Shares 43,857
Legal & General Group Plc
Value ($000) $3 Shares 606
EverSource Wealth Advisors, LLC
Value ($000) $1 Shares 257