|
Cayman Islands
(State or other jurisdiction of incorporation or organization)
|
| |
Not Applicable
(I.R.S. Employer Identification Number)
|
|
|
Copies to:
|
| |||
|
Wei Sun, Chief Financial Officer
A5 Xueyuan Road Haidian District, Beijing 100083 People’s Republic of China +86 (10) 8271-6605 |
| |
Z. Julie Gao, Esq.
Shu Du, Esq. Skadden, Arps, Slate, Meagher & Flom LLP c/o 42/F, Edinburgh Tower, The Landmark 15 Queen’s Road Central Hong Kong +852 3740-4700 |
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| | | | | 20 | | | |
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| | | | | 49 | | | |
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| | | | | 58 | | | |
| | | | | 59 | | |
| | |
For the Year Ended December 31, 2021
|
| |||||||||||||||||||||||||||||||||
| | |
Parent
Company |
| |
Other
Subsidiaries |
| |
WFOEs as
Primary Beneficiaries |
| |
VIEs and Their
Subsidiaries |
| |
Eliminations
|
| |
Consolidated
Total |
| ||||||||||||||||||
| | |
RMB
|
| |||||||||||||||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||
Inter-company revenues(1)(4)
|
| | | | — | | | | | | 85,835 | | | | | | 1,817,488 | | | | | | 196 | | | | | | (1,903,519) | | | | | | — | | |
Third-party revenues
|
| | | | — | | | | | | 2,187,253 | | | | | | 6,039 | | | | | | 766,032 | | | | | | — | | | | | | 2,959,324 | | |
Inter-company cost(1)(4)
|
| | | | — | | | | | | (1,487,138) | | | | | | (85,844) | | | | | | (330,486) | | | | | | 1,903,468 | | | | | | — | | |
Third-party cost
|
| | | | — | | | | | | (444,113) | | | | | | (587,920) | | | | | | (373,390) | | | | | | — | | | | | | (1,405,423) | | |
Gross profit
|
| | | | — | | | | | | 341,837 | | | | | | 1,149,763 | | | | | | 62,352 | | | | | | (51) | | | | | | 1,553,901 | | |
Others, net
|
| | | | — | | | | | | 11,770 | | | | | | (13,075) | | | | | | (3,137) | | | | | | 51 | | | | | | (4,391) | | |
Share of loss of subsidiaries and VIEs and VIEs’ subsidiaries(2)
|
| | | | (1,268,461) | | | | | | (1,308,592) | | | | | | (22,746) | | | | | | — | | | | | | 2,599,799 | | | | | | — | | |
Loss before income tax
|
| | | | (1,298,880) | | | | | | (1,267,933) | | | | | | (1,308,592) | | | | | | (17,831) | | | | | | 2,599,799 | | | | | | (1,293,437) | | |
Income tax expense
|
| | | | — | | | | | | (2,008) | | | | | | — | | | | | | (3,435) | | | | | | — | | | | | | (5,443) | | |
Net loss
|
| | | | (1,298,880) | | | | | | (1,269,941) | | | | | | (1,308,592) | | | | | | (21,266) | | | | | | 2,599,799 | | | | | | (1,298,880) | | |
Foreign currency translation adjustments
|
| | | | (143,190) | | | | | | (65,566) | | | | | | — | | | | | | — | | | | | | 65,566 | | | | | | (143,190) | | |
Accretions of convertible redeemable preferred shares to redemption value
|
| | | | (170,585) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (170,585) | | |
Comprehensive loss attributable to Zhihu Inc.’s shareholders
|
| | | | (1,612,655) | | | | | | (1,335,507) | | | | | | (1,308,592) | | | | | | (21,266) | | | | | | 2,665,365 | | | | | | (1,612,655) | | |
| | |
For the Year Ended December 31, 2020
|
| |||||||||||||||||||||||||||||||||
| | |
Parent
Company |
| |
Other
Subsidiaries |
| |
WFOE as
Primary Beneficiary |
| |
VIE and its
Subsidiaries |
| |
Eliminations
|
| |
Consolidated
Total |
| ||||||||||||||||||
| | |
RMB
|
| |||||||||||||||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||
Inter-company revenues(1)(4)
|
| | | | — | | | | | | 30,547 | | | | | | 991,771 | | | | | | 1,113 | | | | | | (1,023,431) | | | | | | — | | |
Third-party revenues
|
| | | | — | | | | | | 982,821 | | | | | | 442 | | | | | | 368,933 | | | | | | — | | | | | | 1,352,196 | | |
Inter-company cost(1)(4)
|
| | | | — | | | | | | (804,374) | | | | | | (31,064) | | | | | | (187,993) | | | | | | 1,023,431 | | | | | | — | | |
Third-party cost
|
| | | | — | | | | | | (101,203) | | | | | | (315,598) | | | | | | (177,598) | | | | | | — | | | | | | (594,399) | | |
Gross profit
|
| | | | — | | | | |
|
107,791
|
| | | |
|
645,551
|
| | | |
|
4,455
|
| | | |
|
—
|
| | | |
|
757,797
|
| |
Share of loss of subsidiaries and VIE
and VIE’s subsidiaries(2) |
| | | | (507,712) | | | | | | (524,073) | | | | | | (13,422) | | | | | | — | | | | | | 1,045,207 | | | | | | — | | |
Loss before income tax
|
| | | | (517,550) | | | | | | (513,520) | | | | | | (524,073) | | | | | | (6,534) | | | | | | 1,045,207 | | | | | | (516,470) | | |
Income tax expense
|
| | | | — | | | | | | (31) | | | | | | — | | | | | | (1,049) | | | | | | — | | | | | | (1,080) | | |
Net loss
|
| | | | (517,550) | | | | | | (513,551) | | | | | | (524,073) | | | | | | (7,583) | | | | | | 1,045,207 | | | | | | (517,550) | | |
Foreign currency translation adjustments
|
| | | | (143,326) | | | | | | (98,859) | | | | | | — | | | | | | — | | | | | | 98,859 | | | | | | (143,326) | | |
Accretions of convertible redeemable
preferred shares to redemption value |
| | | | (680,734) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (680,734) | | |
Comprehensive loss attributable to Zhihu Inc.’s shareholders
|
| | | | (1,341,610) | | | | | | (612,410) | | | | | | (524,073) | | | | | | (7,583) | | | | | | 1,144,066 | | | | | | (1,341,610) | | |
| | |
For the Year Ended December 31, 2019
|
| |||||||||||||||||||||||||||||||||
| | |
Parent
Company |
| |
Other
Subsidiaries |
| |
WFOE as
Primary Beneficiary |
| |
VIE and its
Subsidiaries |
| |
Eliminations
|
| |
Consolidated
Total |
| ||||||||||||||||||
| | |
RMB
|
| |||||||||||||||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||
Inter-company revenues(1)(4)
|
| | | | — | | | | | | 26,744 | | | | | | 395,960 | | | | | | 438 | | | | | | (423,142) | | | | | | — | | |
Third-party revenues
|
| | | | — | | | | | | 567,074 | | | | | | 1,280 | | | | | | 102,157 | | | | | | — | | | | | | 670,511 | | |
Inter-company cost(1)(4)
|
| | | | — | | | | | | (364,471) | | | | | | (26,743) | | | | | | (31,928) | | | | | | 423,142 | | | | | | — | | |
Third-party cost
|
| | | | — | | | | | | (59,696) | | | | | | (226,422) | | | | | | (72,123) | | | | | | — | | | | | | (358,241) | | |
Gross profit
|
| | | | — | | | | | | 169,651 | | | | | | 144,075 | | | | | | (1,456) | | | | | | — | | | | | | 312,270 | | |
Share of loss of subsidiaries and VIE
and VIE’s subsidiaries(2) |
| | | | (1,000,119) | | | | | | (1,010,630) | | | | | | (15,943) | | | | | | — | | | | | | 2,026,692 | | | | | | — | | |
Loss before income tax
|
| | | | (1,004,220) | | | | | | (1,004,310) | | | | | | (1,010,630) | | | | | | (11,712) | | | | | | 2,026,692 | | | | | | (1,004,180) | | |
Income tax expense
|
| | | | — | | | | | | (40) | | | | | | — | | | | | | — | | | | | | — | | | | | | (40) | | |
Net loss
|
| | | | (1,004,220) | | | | | | (1,004,350) | | | | | | (1,010,630) | | | | | | (11,712) | | | | | | 2,026,692 | | | | | | (1,004,220) | | |
Foreign currency translation adjustments
|
| | | | (4,021) | | | | | | (14,494) | | | | | | — | | | | | | — | | | | | | 14,494 | | | | | | (4,021) | | |
Accretions of convertible redeemable preferred shares to redemption value
|
| | | | (426,781) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (426,781) | | |
Comprehensive loss attributable to Zhihu Inc.’s shareholders
|
| | | | (1,435,022) | | | | | | (1,018,844) | | | | | | (1,010,630) | | | | | | (11,712) | | | | | | 2,041,186 | | | | | | (1,435,022) | | |
| | |
As of December 31, 2021
|
| |||||||||||||||||||||||||||||||||
| | |
Parent
Company |
| |
Other
Subsidiaries |
| |
WFOEs as
Primary Beneficiaries |
| |
VIEs and Their
Subsidiaries |
| |
Eliminations
|
| |
Consolidated
Total |
| ||||||||||||||||||
| | |
RMB
|
| |||||||||||||||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
| | | | 94,427 | | | | | | 478,265 | | | | | | 1,525,156 | | | | | | 59,313 | | | | | | — | | | | | | 2,157,161 | | |
Term deposits
|
| | | | — | | | | | | 2,815,509 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,815,509 | | |
Short-term investments
|
| | | | — | | | | | | 941,909 | | | | | | 863,182 | | | | | | 434,505 | | | | | | — | | | | | | 2,239,596 | | |
Trade receivable, net
|
| | | | — | | | | | | 771,225 | | | | | | 2,121 | | | | | | 58,282 | | | | | | — | | | | | | 831,628 | | |
Amounts due from related parties
|
| | | | — | | | | | | 5,818 | | | | | | 4,407 | | | | | | 7,971 | | | | | | — | | | | | | 18,196 | | |
Amounts due from Group companies(3) (4)
|
| | | | 12,711 | | | | | | 62,646 | | | | | | 1,553,054 | | | | | | 7,742 | | | | | | (1,636,153) | | | | | | — | | |
Prepayments and other current
assets |
| | | | 42,232 | | | | | | 33,149 | | | | | | 145,941 | | | | | | 50,753 | | | | | | — | | | | | | 272,075 | | |
Total current assets
|
| | | | 149,370 | | | | | | 5,108,521 | | | | | | 4,093,861 | | | | | | 618,566 | | | | | | (1,636,153) | | | | | | 8,334,165 | | |
Property and equipment, net
|
| | | | — | | | | | | 2,700 | | | | | | 6,608 | | | | | | 557 | | | | | | — | | | | | | 9,865 | | |
Intangible assets, net
|
| | | | — | | | | | | — | | | | | | 2,122 | | | | | | 66,186 | | | | | | — | | | | | | 68,308 | | |
Goodwill
|
| | | | — | | | | | | — | | | | | | — | | | | | | 73,663 | | | | | | — | | | | | | 73,663 | | |
Investment in subsidiaries and VIEs and VIEs’ subsidiaries(2)
|
| | | | 6,666,713 | | | | | | 3,260,373 | | | | | | 7,708 | | | | | | — | | | | | | (9,934,794) | | | | | | — | | |
Long-term investments
|
| | | | — | | | | | | 19,127 | | | | | | — | | | | | | — | | | | | | — | | | | | | 19,127 | | |
Term deposits
|
| | | | — | | | | | | 159,393 | | | | | | — | | | | | | — | | | | | | — | | | | | | 159,393 | | |
Right-of-use assets
|
| | | | — | | | | | | 14,504 | | | | | | 106,130 | | | | | | 5,878 | | | | | | — | | | | | | 126,512 | | |
Other non-current assets
|
| | | | — | | | | | | 791 | | | | | | 13,098 | | | | | | 243 | | | | | | — | | | | | | 14,132 | | |
Total non-current assets
|
| | | | 6,666,713 | | | | | | 3,456,888 | | | | | | 135,666 | | | | | | 146,527 | | | | | | (9,934,794) | | | | | | 471,000 | | |
Total assets
|
| | | | 6,816,083 | | | | | | 8,565,409 | | | | | | 4,229,527 | | | | | | 765,093 | | | | | | (11,570,947) | | | | | | 8,805,165 | | |
Accounts payable and accrued liabilities
|
| | | | 30,828 | | | | | | 455,139 | | | | | | 420,510 | | | | | | 120,057 | | | | | | — | | | | | | 1,026,534 | | |
Salary and welfare payables
|
| | | | — | | | | | | 29,956 | | | | | | 281,247 | | | | | | 2,473 | | | | | | — | | | | | | 313,676 | | |
Taxes payable
|
| | | | — | | | | | | 3,359 | | | | | | 60,317 | | | | | | 2,508 | | | | | | — | | | | | | 66,184 | | |
Contract liabilities
|
| | | | — | | | | | | 108,994 | | | | | | 343 | | | | | | 130,420 | | | | | | — | | | | | | 239,757 | | |
Amounts due to related parties
|
| | | | — | | | | | | — | | | | | | 67,288 | | | | | | 16,303 | | | | | | — | | | | | | 83,591 | | |
Amounts due to Group
companies(3)(4) |
| | | | 54,601 | | | | | | 1,139,697 | | | | | | 21,444 | | | | | | 420,411 | | | | | | (1,636,153) | | | | | | — | | |
Short term lease liabilities
|
| | | | — | | | | | | 5,927 | | | | | | 32,985 | | | | | | 1,613 | | | | | | — | | | | | | 40,525 | | |
Other current liabilities
|
| | | | — | | | | | | 89,204 | | | | | | 15,706 | | | | | | 22,537 | | | | | | — | | | | | | 127,447 | | |
Total current liabilities
|
| | | | 85,429 | | | | | | 1,832,276 | | | | | | 899,840 | | | | | | 716,322 | | | | | | (1,636,153) | | | | | | 1,897,714 | | |
Long term lease liabilities
|
| | | | — | | | | | | 9,130 | | | | | | 69,314 | | | | | | 3,689 | | | | | | — | | | | | | 82,133 | | |
Deferred tax liabilities
|
| | | | — | | | | | | — | | | | | | — | | | | | | 14,030 | | | | | | — | | | | | | 14,030 | | |
Other non-current liabilities
|
| | | | — | | | | | | 64,700 | | | | | | — | | | | | | 8,439 | | | | | | — | | | | | | 73,139 | | |
Total non-current liabilities
|
| | | | — | | | | |
|
73,830
|
| | | |
|
69,314
|
| | | |
|
26,158
|
| | | | | — | | | | |
|
169,302
|
| |
Total liabilities
|
| | | | 85,429 | | | | | | 1,906,106 | | | | | | 969,154 | | | | | | 742,480 | | | | | | (1,636,153) | | | | | | 2,067,016 | | |
Total Zhihu Inc.’s shareholders’
equity |
| | | | 6,730,654 | | | | | | 6,651,808 | | | | | | 3,260,373 | | | | | | 22,613 | | | | | | (9,934,794) | | | | | | 6,730,654 | | |
Noncontrolling interests
|
| | | | — | | | | | | 7,495 | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,495 | | |
Total shareholders’ equity
|
| | | | 6,730,654 | | | | | | 6,659,303 | | | | | | 3,260,373 | | | | | | 22,613 | | | | | | (9,934,794) | | | | | | 6,738,149 | | |
Total liabilities and shareholders’ equity
|
| | | | 6,816,083 | | | | | | 8,565,409 | | | | | | 4,229,527 | | | | | | 765,093 | | | | | | (11,570,947) | | | | | | 8,805,165 | | |
| | |
As of December 31, 2020
|
| |||||||||||||||||||||||||||||||||
| | |
Parent
Company |
| |
Other
Subsidiaries |
| |
WFOE as
Primary Beneficiary |
| |
VIE and its
Subsidiaries |
| |
Eliminations
|
| |
Consolidated
Total |
| ||||||||||||||||||
| | |
RMB
|
| |||||||||||||||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
| | | | 6,834 | | | | | | 845,198 | | | | | | 19,301 | | | | | | 86,487 | | | | | | — | | | | | | 957,820 | | |
Term deposits
|
| | | | — | | | | | | 1,092,921 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,092,921 | | |
Short-term investments
|
| | | | — | | | | | | 207,035 | | | | | | 787,486 | | | | | | 51,479 | | | | | | — | | | | | | 1,046,000 | | |
Trade receivable, net
|
| | | | — | | | | | | 453,039 | | | | | | 700 | | | | | | 32,307 | | | | | | — | | | | | | 486,046 | | |
Amounts due from related parties
|
| | | | — | | | | | | 5,420 | | | | | | 360 | | | | | | 8,063 | | | | | | — | | | | | | 13,843 | | |
Amounts due from Group companies(3)(4)
|
| | | | 11,530 | | | | | | 74,839 | | | | | | 321,610 | | | | | | 6,587 | | | | | | (414,566) | | | | | | — | | |
Prepayments and other current assets
|
| | | | 183 | | | | | | 23,781 | | | | | | 76,220 | | | | | | 23,352 | | | | | | — | | | | | | 123,536 | | |
Total current assets
|
| | | | 18,547 | | | | | | 2,702,233 | | | | | | 1,205,677 | | | | | | 208,275 | | | | | | (414,566) | | | | | | 3,720,166 | | |
Property and equipment, net
|
| | | | — | | | | | | 840 | | | | | | 7,212 | | | | | | 53 | | | | | | — | | | | | | 8,105 | | |
Intangible assets, net
|
| | | | — | | | | | | — | | | | | | 2,430 | | | | | | 21,048 | | | | | | — | | | | | | 23,478 | | |
Investment/(deficit) in subsidiaries and VIE and VIE’s
subsidiaries(2) |
| | | | 2,760,778 | | | | | | 656,208 | | | | | | (58,307) | | | | | | — | | | | | | (3,358,679) | | | | | | — | | |
Right-of-use assets
|
| | | | — | | | | | | 1,180 | | | | | | 2,061 | | | | | | — | | | | | | — | | | | | | 3,241 | | |
Other non-current assets
|
| | | | — | | | | | | 241 | | | | | | 6,180 | | | | | | 30 | | | | | | — | | | | | | 6,451 | | |
Total non-current assets
|
| | | | 2,760,778 | | | | | | 658,469 | | | | | | (40,424) | | | | | | 21,131 | | | | | | (3,358,679) | | | | | | 41,275 | | |
Total assets
|
| | | | 2,779,325 | | | | | | 3,360,702 | | | | | | 1,165,253 | | | | | | 229,406 | | | | | | (3,773,245) | | | | | | 3,761,441 | | |
Accounts payable and accrued liabilities
|
| | | | 5,500 | | | | | | 235,618 | | | | | | 209,409 | | | | | | 51,321 | | | | | | — | | | | | | 501,848 | | |
Salary and welfare payables
|
| | | | — | | | | | | 15,538 | | | | | | 214,772 | | | | | | 1,537 | | | | | | — | | | | | | 231,847 | | |
Taxes payable
|
| | | | — | | | | | | 3,107 | | | | | | 3,372 | | | | | | 587 | | | | | | — | | | | | | 7,066 | | |
Contract liabilities
|
| | | | — | | | | | | 82,803 | | | | | | 200 | | | | | | 76,992 | | | | | | — | | | | | | 159,995 | | |
Amounts due to related parties
|
| | | | — | | | | | | — | | | | | | 41,041 | | | | | | 4,942 | | | | | | — | | | | | | 45,983 | | |
Amounts due to Group companies(3)(4)
|
| | | | 26,952 | | | | | | 235,311 | | | | | | 30,926 | | | | | | 121,377 | | | | | | (414,566) | | | | | | — | | |
Short term lease liabilities
|
| | | | — | | | | | | 1,013 | | | | | | 1,880 | | | | | | — | | | | | | — | | | | | | 2,893 | | |
Other current liabilities
|
| | | | — | | | | | | 40,388 | | | | | | 7,445 | | | | | | 17,103 | | | | | | — | | | | | | 64,936 | | |
Total current liabilities
|
| | | | 32,452 | | | | | | 613,778 | | | | | | 509,045 | | | | | | 273,859 | | | | | | (414,566) | | | | | | 1,014,568 | | |
Total liabilities
|
| | | | 32,452 | | | | | | 613,778 | | | | | | 509,045 | | | | | | 273,859 | | | | | | (414,566) | | | | | | 1,014,568 | | |
Total mezzanine equity
|
| | | | 7,891,348 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,891,348 | | |
Total shareholders’ (deficit)/equity
|
| | | | (5,144,475) | | | | | | 2,746,924 | | | | | | 656,208 | | | | | | (44,453) | | | | | | (3,358,679) | | | | | | (5,144,475) | | |
Total liabilities, mezzanine equity and
shareholders’ (deficit)/equity |
| | | | 2,779,325 | | | | | | 3,360,702 | | | | | | 1,165,253 | | | | | | 229,406 | | | | | | (3,773,245) | | | | | | 3,761,441 | | |
| | |
For the Year Ended December 31, 2021
|
| |||||||||||||||||||||||||||||||||
| | |
Parent
Company |
| |
Other
Subsidiaries |
| |
WFOEs as
Primary Beneficiaries |
| |
VIEs and Their
Subsidiaries |
| |
Eliminations
|
| |
Consolidated
Total |
| ||||||||||||||||||
| | |
RMB
|
| |||||||||||||||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||
Purchases of goods and services
from Group Companies(1) |
| | | | — | | | | | | (676,191) | | | | | | (95,561) | | | | | | (45,579) | | | | | | 817,331 | | | | | | — | | |
Sales of goods and services to Group Companies(1)
|
| | | | — | | | | | | 115,561 | | | | | | 701,770 | | | | | | — | | | | | | (817,331) | | | | | | — | | |
Other operating/administrative activities with external
parties |
| | | | (3,182) | | | | | | 1,490,154 | | | | | | (2,359,237) | | | | | | 432,031 | | | | | | — | | | | | | (440,234) | | |
Net cash provided by/(used in) operating activities
|
| | | | (3,182) | | | | | | 929,524 | | | | | | (1,753,028) | | | | | | 386,452 | | | | |
|
—
|
| | | | | (440,234) | | |
Purchases of short-term
investments |
| | | | — | | | | | | (2,532,000) | | | | | | (3,016,000) | | | | | | (870,000) | | | | | | — | | | | | | (6,418,000) | | |
Proceeds of maturities of short-term investments
|
| | | | — | | | | | | 1,804,592 | | | | | | 2,940,000 | | | | | | 490,000 | | | | | | — | | | | | | 5,234,592 | | |
Purchases of term deposits
|
| | | | (64,596) | | | | | | (3,719,638) | | | | | | (1,162,729) | | | | | | — | | | | | | — | | | | | | (4,946,963) | | |
Proceeds from withdrawal of term deposits
|
| | | | 64,707 | | | | | | 1,788,963 | | | | | | 1,164,726 | | | | | | — | | | | | | — | | | | | | 3,018,396 | | |
Investment in subsidiaries and VIEs and VIEs’
subsidiaries(2) |
| | | | (4,695,120) | | | | | | (3,301,321) | | | | | | — | | | | | | — | | | | | | 7,996,441 | | | | | | — | | |
Other investing activities with external parties
|
| | | | (19,380) | | | | | | (2,571) | | | | | | 31,049 | | | | | | (33,626) | | | | | | — | | | | | | (24,528) | | |
Net cash used in investing activities
|
| | | | (4,714,389) | | | | | | (5,961,975) | | | | | | (42,954) | | | | | | (413,626) | | | | | | 7,996,441 | | | | | | (3,136,503) | | |
Proceeds from issuance of
Class A ordinary shares upon the completion of IPO, net of issuance cost |
| | | | 4,853,293 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,853,293 | | |
Investment from Group Companies(2)
|
| | | | — | | | | | | 4,695,120 | | | | | | 3,301,321 | | | | | | — | | | | | | (7,996,441) | | | | | | — | | |
Other financing activities with external parties
|
| | | | 15,544 | | | | | | — | | | | | | 7,410 | | | | | | — | | | | | | — | | | | | | 22,954 | | |
Net cash provided by financing activities
|
| | | | 4,868,837 | | | | | | 4,695,120 | | | | | | 3,308,731 | | | | |
|
—
|
| | | | | (7,996,441) | | | | | | 4,876,247 | | |
Effect of exchange rate changes on cash and cash
equivalents |
| | | | (63,673) | | | | | | (29,602) | | | | | | (6,894) | | | | |
|
—
|
| | | |
|
—
|
| | | | | (100,169) | | |
Net increase/(decrease) in cash and cash equivalents
|
| | | | 87,593 | | | | | | (366,933) | | | | | | 1,505,855 | | | | | | (27,174) | | | | | | — | | | | | | 1,199,341 | | |
Cash and cash equivalents at beginning of the year
|
| | | | 6,834 | | | | | | 845,198 | | | | | | 19,301 | | | | | | 86,487 | | | | | | — | | | | | | 957,820 | | |
Cash and cash equivalents at end
of the year |
| | | | 94,427 | | | | | | 478,265 | | | | | | 1,525,156 | | | | | | 59,313 | | | | |
|
—
|
| | | | | 2,157,161 | | |
| | |
For the Year Ended December 31, 2020
|
| |||||||||||||||||||||||||||||||||
| | |
Parent
Company |
| |
Other
Subsidiaries |
| |
WFOE as
Primary Beneficiary |
| |
VIE and its
Subsidiaries |
| |
Eliminations
|
| |
Consolidated
Total |
| ||||||||||||||||||
| | |
RMB
|
| |||||||||||||||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||
Purchases of goods and services from Group Companies(1)
|
| | | | — | | | | | | (965,110) | | | | | | (35,230) | | | | | | (159,651) | | | | | | 1,159,991 | | | | | | — | | |
Sales of goods and services to Group Companies(1)
|
| | | | — | | | | | | 35,230 | | | | | | 1,124,761 | | | | | | — | | | | | | (1,159,991) | | | | | | — | | |
Other operating/administrative activities with external parties
|
| | | | (2,606) | | | | | | 837,392 | | | | | | (1,304,643) | | | | | | 225,436 | | | | | | — | | | | | | (244,421) | | |
Net cash provided by/(used in) operating activities
|
| | | | (2,606) | | | | | | (92,488) | | | | | | (215,112) | | | | | | 65,785 | | | | |
|
—
|
| | | | | (244,421) | | |
Purchases of short-term investments
|
| | | | — | | | | | | (1,013,104) | | | | | | (4,965,000) | | | | | | (175,000) | | | | | | — | | | | | | (6,153,104) | | |
Proceeds of maturities of short-term investments
|
| | | | — | | | | | | 1,199,676 | | | | | | 5,230,000 | | | | | | 165,000 | | | | | | — | | | | | | 6,594,676 | | |
Purchases of term deposits
|
| | | | — | | | | | | (2,328,717) | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,328,717) | | |
Proceeds from withdrawal of term
deposits |
| | | | 356,580 | | | | | | 1,962,621 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,319,201 | | |
Proceeds from repayments of loans
to Group companies |
| | | | 978,735 | | | | | | — | | | | | | 45,000 | | | | | | — | | | | | | (1,023,735) | | | | | | — | | |
Loans to Group companies
|
| | | | — | | | | | | — | | | | | | (70,000) | | | | | | — | | | | | | 70,000 | | | | | | — | | |
Investment in subsidiaries and VIE
and VIE’s subsidiaries(2) |
| | | | (1,407,173) | | | | | | (893,805) | | | | | | — | | | | | | — | | | | | | 2,300,978 | | | | | | — | | |
Other investing activities with external parties
|
| | | | — | | | | | | (586) | | | | | | (1,357) | | | | | | — | | | | | | — | | | | | | (1,943) | | |
Net cash provided by/(used in) investing activities
|
| | | | (71,858) | | | | | | (1,073,915) | | | | | | 238,643 | | | | | | (10,000) | | | | | | 1,347,243 | | | | | | 430,113 | | |
Repayments of loans from Group
companies |
| | | | — | | | | | | (45,000) | | | | | | (978,735) | | | | | | — | | | | | | 1,023,735 | | | | | | — | | |
Loans from Group companies
|
| | | | — | | | | | | 70,000 | | | | | | — | | | | | | — | | | | | | (70,000) | | | | | | — | | |
Investment from Group Companies(2)
|
| | | | — | | | | | | 1,407,173 | | | | | | 893,805 | | | | | | — | | | | | | (2,300,978) | | | | | | — | | |
Other financing activities with external parties
|
| | | | — | | | | | | 739 | | | | | | 8,547 | | | | | | — | | | | | | — | | | | | | 9,286 | | |
Net cash provided by/(used in) financing activities
|
| | | | — | | | | |
|
1,432,912
|
| | | |
|
(76,383)
|
| | | | | — | | | | |
|
(1,347,243)
|
| | | |
|
9,286
|
| |
Effect of exchange rate changes on
cash and cash equivalents |
| | |
|
(4,450)
|
| | | |
|
(67,996)
|
| | | |
|
(65,062)
|
| | | | | — | | | | | | — | | | | |
|
(137,508)
|
| |
Net increase/(decrease) in cash and
cash equivalents |
| | | | (78,914) | | | | | | 198,513 | | | | | | (117,914) | | | | | | 55,785 | | | | | | — | | | | | | 57,470 | | |
Cash and cash equivalents at beginning of the year
|
| | | | 85,748 | | | | | | 646,685 | | | | | | 137,215 | | | | | | 30,702 | | | | | | — | | | | | | 900,350 | | |
Cash and cash equivalents at end of
the year |
| | | | 6,834 | | | | | | 845,198 | | | | | | 19,301 | | | | | | 86,487 | | | | | | — | | | | | | 957,820 | | |
| | |
For the Year Ended December 31, 2019
|
| |||||||||||||||||||||||||||||||||
| | |
Parent
Company |
| |
Other
Subsidiaries |
| |
WFOE as
Primary Beneficiary |
| |
VIE and its
Subsidiaries |
| |
Eliminations
|
| |
Consolidated
Total |
| ||||||||||||||||||
| | |
RMB
|
| |||||||||||||||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||
Purchases of goods and services from Group Companies(1)
|
| | | | — | | | | | | (350,044) | | | | | | (24,434) | | | | | | (215,200) | | | | | | 589,678 | | | | | | — | | |
Sales of goods and services to Group Companies(1)
|
| | | | — | | | | | | 24,434 | | | | | | 565,244 | | | | | | — | | | | | | (589,678) | | | | | | — | | |
Other operating/administrative activities with external parties
|
| | | | (10,722) | | | | | | 275,982 | | | | | | (1,067,001) | | | | | | 86,219 | | | | | | — | | | | | | (715,522) | | |
Net cash used in operating
activities |
| | | | (10,722) | | | | | | (49,628) | | | | | | (526,191) | | | | | | (128,981) | | | | | | — | | | | | | (715,522) | | |
Purchases of short-term investments
|
| | | | — | | | | | | (1,269,524) | | | | | | (2,160,000) | | | | | | (120,000) | | | | | | — | | | | | | (3,549,524) | | |
Proceeds of maturities of short-term investments
|
| | | | — | | | | | | 910,000 | | | | | | 1,115,000 | | | | | | 255,000 | | | | | | — | | | | | | 2,280,000 | | |
Purchases of term deposits
|
| | | | (354,395) | | | | | | (809,313) | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,163,708) | | |
Proceeds from withdrawal of term
deposits |
| | | | 335,705 | | | | | | 610 | | | | | | — | | | | | | — | | | | | | — | | | | | | 336,315 | | |
Investment in subsidiaries and VIE
and VIE’s subsidiaries(2) |
| | | | (1,893,991) | | | | | | (590,691) | | | | | | — | | | | | | — | | | | | | 2,484,682 | | | | | | — | | |
Other investing activities with external parties
|
| | | | — | | | | | | (186) | | | | | | (5,385) | | | | | | — | | | | | | — | | | | | | (5,571) | | |
Net cash provided by/(used in) investing activities
|
| | | | (1,912,681) | | | | | | (1,759,104) | | | | | | (1,050,385) | | | | | | 135,000 | | | | | | 2,484,682 | | | | | | (2,102,488) | | |
Proceeds from issuance of
convertible redeemable preferred shares, net of issuance cost |
| | | | 1,984,556 | | | | | | — | | | | | | 1,026,516 | | | | | | — | | | | | | — | | | | | | 3,011,072 | | |
Investment from Group Companies(2)
|
| | | | — | | | | | | 1,893,991 | | | | | | 590,691 | | | | | | — | | | | | | (2,484,682) | | | | | | — | | |
Other financing activities with external parties
|
| | | | 6,167 | | | | | | — | | | | | | (19,664) | | | | | | — | | | | | | — | | | | | | (13,497) | | |
Net cash provided by financing activities
|
| | | | 1,990,723 | | | | | | 1,893,991 | | | | | | 1,597,543 | | | | | | — | | | | | | (2,484,682) | | | | | | 2,997,575 | | |
Effect of exchange rate changes on
cash and cash equivalents |
| | | | (1,270) | | | | | | 10,763 | | | | | | (2,002) | | | | | | — | | | | | | — | | | | | | 7,491 | | |
Net increase in cash and cash equivalents
|
| | | | 66,050 | | | | | | 96,022 | | | | | | 18,965 | | | | | | 6,019 | | | | | | — | | | | | | 187,056 | | |
Cash and cash equivalents at beginning of the year
|
| | | | 19,698 | | | | | | 550,663 | | | | | | 118,250 | | | | | | 24,683 | | | | | | — | | | | | | 713,294 | | |
Cash and cash equivalents at end of
the year |
| | | | 85,748 | | | | | | 646,685 | | | | | | 137,215 | | | | | | 30,702 | | | | | | — | | | | | | 900,350 | | |
|
Exhibit
Number |
| |
Description
|
|
| 1.1* | | | Form of Underwriting Agreement | |
| 4.1* | | | Registrant’s Specimen Certificate for Class A Ordinary Shares | |
| 4.2 | | | Deposit Agreement, among the Registrant, JPMorgan Chase Bank, N.A., as depositary, and holders and beneficial owners of the American Depositary Receipts issued thereunder dated March 25, 2021 (incorporated herein by reference to Exhibit 4.3 to the registration statement on the Form S-8 (File No. 333-256178), filed with the Commission on May 17, 2021) | |
| 4.3 | | | Registrant’s Specimen American Depositary Receipt (incorporated herein by reference to Exhibit 4.1 to the registration statement on Form F-1 (File No. 333-253910), as amended, initially filed with the Securities and Exchange Commission on March 5, 2021) | |
| 5.1** | | | | |
| 8.1** | | | | |
| 8.2** | | | | |
| 23.1** | | | | |
| 23.2** | | | | |
| 23.3** | | | | |
| 24.1** | | | Power of attorney (included on signature page hereof) | |
| 99.1** | | | | |
| 107.1** | | | |
|
Signature
|
| |
Title
|
|
|
/s/ Yuan Zhou
Yuan Zhou
|
| |
Chairman and Chief Executive Officer
(Principal Executive Officer) |
|
|
/s/ Zhaohui Li
Zhaohui Li
|
| |
Director
|
|
|
/s/ Jiatong Peng
Jiatong Peng
|
| |
Director
|
|
|
/s/ Dahai Li
Dahai Li
|
| |
Director and Chief Technology Officer
|
|
|
/s/ Wei Sun
Wei Sun
|
| |
Director and Chief Financial Officer
(Principal Financial and Accounting Officer) |
|
|
/s/ Hanhui Sam Sun
Hanhui Sam Sun
|
| |
Director
|
|
|
/s/ Hope Ni
Hope Ni
|
| |
Director
|
|
Exhibit 5.1
Our ref KKZ/781374-000003/22691243v2
Zhihu Inc. 知乎
A5 Xueyuan Road
Haidian District, Beijing 100083
People’s Republic of China
8 April 2022
Dear Sirs
Zhihu Inc. 知乎
We have acted as Cayman Islands legal advisers to Zhihu Inc. 知乎(the "Company") in connection with the Company’s registration statement on Form F-3, including all amendments or supplements thereto (the "Registration Statement"), filed with the Securities and Exchange Commission under the U.S. Securities Act of 1933, as amended to date relating to the offering by the Company of certain of the Company's class A ordinary shares of par value US$0.000125 each (the "Shares").
We are furnishing this opinion as Exhibits 5.1, 8.1 and 23.2 to the Registration Statement.
1 | Documents Reviewed |
For the purposes of this opinion, we have reviewed only originals, copies or final drafts of the following documents:
1.1 | The certificate of incorporation of the Company dated 17 May 2011 and the certificate of incorporation on change of name of the Company dated 29 October 2020 issued by the Registrar of Companies in the Cayman Islands. |
1.2 | The tenth amended and restated memorandum and articles of association of the Company as conditionally adopted by a special resolution passed on 18 March 2021 and effective immediately prior to the completion of the Company’s initial public offering of the Company's American Depositary Shares representing the Shares (the "Memorandum and Articles"). |
1.3 | The minutes (the "Minutes") of the meeting of the board of directors of the Company held on 30 March 2022 (the "Meeting"). |
1.4 | A certificate from a director of the Company, a copy of which is attached hereto (the "Director's Certificate"). |
1.5 | A certificate of good standing dated 14 March 2022, issued by the Registrar of Companies in the Cayman Islands (the "Certificate of Good Standing"). |
1.6 | The Registration Statement. |
2 | Assumptions |
The following opinions are given only as to, and based on, circumstances and matters of fact existing and known to us on the date of this opinion letter. These opinions only relate to the laws of the Cayman Islands which are in force on the date of this opinion letter. In giving these opinions we have relied (without further verification) upon the completeness and accuracy, as of the date of this opinion letter, of the Director's Certificate and the Certificate of Good Standing. We have also relied upon the following assumptions, which we have not independently verified:
2.1 | Copies of documents, conformed copies or drafts of documents provided to us are true and complete copies of, or in the final forms of, the originals. |
2.2 | All signatures, initials and seals are genuine. |
2.3 | There is nothing under any law (other than the law of the Cayman Islands), which would or might affect the opinions set out below. |
3 | Opinion |
Based upon the foregoing and subject to the qualifications set out below and having regard to such legal considerations as we deem relevant, we are of the opinion that:
3.1 | The Company has been duly incorporated as an exempted company with limited liability and is validly existing and in good standing with the Registrar of Companies under the laws of the Cayman Islands. |
3.2 | The authorised share capital of the Company is US$200,000 divided into 1,600,000,000 shares comprising of (i) 1,500,000,000 Class A Ordinary Shares of a par value of US$0.000125 each, (ii) 50,000,000 Class B Ordinary Shares of a par value of US$0.000125 each, and (iii) 50,000,000 shares of a par value of US$0.000125 each of such class or classes (however designated) as the board of directors may determine in accordance with the Memorandum and Articles. |
3.3 | The issue and allotment of the Shares have been duly authorised and when allotted, issued and paid for as contemplated in the Registration Statement, the Shares will be legally issued and allotted, fully paid and non-assessable. As a matter of Cayman law, a share is only issued when it has been entered in the register of members (shareholders). |
3.4 | The statements under the caption "Taxation" in the prospectus forming part of the Registration Statement are accurate in so far as such statements are summaries of or relate to Cayman Islands law, and such statements constitute our opinion. |
4 | Qualifications |
In this opinion the phrase "non-assessable" means, with respect to the Shares in the Company, that a shareholder shall not, solely by virtue of its status as a shareholder, and in absence of a contractual arrangement, or an obligation pursuant to the memorandum and articles of association, to the contrary, be liable for additional assessments or calls on the Shares by the Company or its creditors (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).
2
Except as specifically stated herein, we make no comment with respect to any representations and warranties which may be made by or with respect to the Company in any of the documents or instruments cited in this opinion or otherwise with respect to the commercial terms of the transactions, which are the subject of this opinion.
We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to our name under the headings "Enforceability of Civil Liabilities", "Taxation" and "Legal Matters" and elsewhere in the prospectus included in the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the Rules and Regulations of the Commission thereunder.
Yours faithfully
/s/ Maples and Calder (Hong Kong) LLP
Maples and Calder (Hong Kong) LLP
3
Director's Certificate
8 April 2022
To: Maples and Calder (Hong Kong) LLP
26th Floor, Central Plaza
18 Harbour Road
Wanchai, Hong Kong
Dear Sirs
Zhihu Inc. 知乎 (the "Company")
I, the undersigned, being a director of the Company, am aware that you are being asked to provide a legal opinion (the "Opinion") in relation to certain aspects of Cayman Islands law. Capitalised terms used in this certificate have the meaning given to them in the Opinion. I hereby certify that:
1 | The Memorandum and Articles remain in full force and effect and are unamended. |
2 | The Minutes are a true and correct record of the proceedings of the Meeting, which was duly convened and held, and at which a quorum was present throughout, in each case, in the manner prescribed in the Memorandum and Articles. The resolutions set out in the Minutes were duly passed in the manner prescribed in the Memorandum and Articles (including, without limitation, with respect to the disclosure of interests (if any) by directors of the Company) and have not been amended, varied or revoked in any respect. |
3 | The authorised share capital of the Company is US$200,000 divided into 1,600,000,000 shares comprising of (i) 1,500,000,000 Class A Ordinary Shares of a par value of US$0.000125 each, (ii) 50,000,000 Class B Ordinary Shares of a par value of US$0.000125 each, and (iii) 50,000,000 shares of a par value of US$0.000125 each of such class or classes (however designated) as the board of directors may determine in accordance with the Memorandum and Articles. |
4 | The shareholders of the Company have not restricted or limited the powers of the directors in any way and there is no contractual or other prohibition (other than as arising under Cayman Islands law) binding on the Company prohibiting it from issuing and allotting the Shares or otherwise performing its obligations under the Registration Statement. |
5 | The minute book and corporate records of the Company as maintained at its registered office in the Cayman Islands and made available to you are complete and accurate in all material respects and all minutes and resolutions filed therein represent a complete and accurate record of all meetings of the shareholders and directors (or any committee thereof) (duly convened and held in accordance with the Memorandum and Articles) and all resolutions passed at the meetings, or passed by written consent as the case may be. |
6 | The directors of the Company at the date of the Meeting and as at the date of this certificate were and are as follows: |
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Yuan Zhou
Zhaohui Li
Jiatong Peng
Dahai Li
Wei Sun
Hanhui Sam Sun
Hope Ni
7 | Each director considers the transactions contemplated by the Registration Statement to be of commercial benefit to the Company and has acted in good faith in the best interests of the Company, and for a proper purpose of the Company in relation to the transactions which are the subject of the Opinion. |
8 | To the best of my knowledge and belief, having made due inquiry, the Company is not the subject of legal, arbitral, administrative or other proceedings in any jurisdiction that would have a material adverse effect on the business, properties, financial condition, results of operations or prospects of the Company. Nor have the directors or shareholders taken any steps to have the Company struck off or placed in liquidation, nor have any steps been taken to wind up the Company. Nor has any receiver been appointed over any of the Company's property or assets. |
I confirm that you may continue to rely on this Certificate as being true and correct on the day that you issue the Opinion unless I shall have previously notified you personally to the contrary.
[signature page follows]
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Signature: | /s/ Yuan Zhou | |
Name: | Yuan Zhou | |
Title: | Director |
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Exhibit 8.2
9/F, Office Tower C1, Oriental Plaza, 1 East Chang An Ave., Dongcheng District Beijing 100738, PRC Tel: +86 10 8525 5500 Fax: +86 10 8525 5511 / 8525 5522 Beijing · Shanghai · Shenzhen · Hong Kong www.hankunlaw.com |
April 8, 2022
To: | Zhihu Inc. 知乎 (the “Company”) |
A5 Xueyuan Road
Haidian District, Beijing 100083
People’s Republic of China
Re: | Legal Opinion on Certain PRC Legal Matters |
Dear Sirs or Madams:
We are lawyers qualified in the People’s Republic of China (the “PRC” or “China”, which, for purposes of this opinion only, does not include the Hong Kong Special Administrative Region, the Macau Special Administrative Region or Taiwan) and as such are qualified to issue this opinion on the laws, regulations, rules, judicial interpretations and other legislation of the PRC effective as of the date hereof.
We are acting as PRC counsel to the Company, a company incorporated under the laws of the Cayman Islands, in connection with the Company’s registration statement on Form F-3, including all amendments or supplements thereto (the “Registration Statement”), filed by the Company with the Securities and Exchange Commission under the U.S. Securities Act of 1933 (as amended) in relation to the proposed offering (the “Offering”) by the Company of a certain number of Class A ordinary shares of the Company.
A. | Documents and Assumptions |
In rendering this opinion, we have carried out due diligence and examined copies of the Registration Statement, and other documents as we have considered necessary or advisable for the purpose of rendering this opinion, including but not limited to copies of the due diligence documents provided to us by the Company and the PRC Companies (as defined below) and such other documents, corporate records and certificates issued by the Governmental Agencies (as defined below) (collectively, the “Documents”). Where certain facts were not independently established and verified by us, we have relied upon certificates or statements issued or made by the relevant Governmental Agencies and appropriate representatives of the Company and the PRC Companies. In giving this opinion, we have made the following assumptions (the “Assumptions”):
(1) | all signatures, seals and chops are genuine, each signature on behalf of a party thereto is that of a person duly authorized by such party to execute the same, all Documents submitted to us as originals are authentic, and all Documents submitted to us as certified or photostatic copies conform to the originals; |
(2) | each of the parties to the Documents, other than the PRC Companies, (i) if a legal person or other entity, is duly organized and is validly existing in good standing under the laws of its jurisdiction of organization and/or incorporation, (ii) if an individual, has full capacity for civil conduct; each of them, other than the PRC Companies, has full power and authority to execute, deliver and perform its, her or his obligations under the Documents to which it, she or he is a party in accordance with the laws of its jurisdiction of organization and/or the laws that it, she or he is subject to; |
(3) | the Documents presented to us remain in full force and effect on the date of this opinion and have not been revoked, amended or supplemented, and no amendments, revisions, supplements, modifications or other changes have been made, and no revocation or termination has occurred, with respect to any of the Documents after they were submitted to us for the purposes of this opinion; |
(4) | the laws of jurisdictions other than the PRC which may be applicable to the execution, delivery, performance or enforcement of the Documents are complied with; |
(5) | all requested Documents have been provided to us and all factual statements made to us by the Company and the PRC Companies in connection with this opinion, including but not limited to the statements set forth in the Documents, are true, correct and complete; |
(6) | all explanations and interpretations provided by government officials duly reflect the official position of the relevant Governmental Agencies and are complete, true and correct; |
(7) | each of the Documents is legal, valid, binding and enforceable in accordance with their respective governing laws, other than PRC Laws (as defined below), in any and all respects; |
(8) | all consents, licenses, permits, approvals, exemptions or authorizations required by, and all required registrations or filings with, any governmental authority or regulatory body of any jurisdiction other than the PRC in connection with the transactions contemplated under the Documents have been obtained or made, and are in full force and effect as of the date thereof; and |
(9) | all Governmental Authorizations (as defined below) and other official statements and documentation obtained by the Company or any PRC Company from any Governmental Agency have been obtained by lawful means in due course, and the Documents provided to us conform with those documents submitted to Governmental Agencies for such purposes. |
In addition, we have assumed and have not verified the truthfulness, accuracy and completeness as to factual matters of each Document we have reviewed.
B. | Definitions |
In addition to the terms defined in the context of this opinion, the following capitalized terms used in this opinion shall have the meanings ascribed to them as follows.
“Governmental Agency” |
means any national, provincial or local governmental, regulatory or administrative authority, agency or commission in the PRC, or any court, tribunal or any other judicial or arbitral body in the PRC, or any body exercising, or entitled to exercise, any administrative, judicial, legislative, law enforcement, regulatory, or taxing authority or power of a similar nature in the PRC.
|
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C. | Opinions |
Based on our review of the Documents and subject to the Assumptions and the Qualifications (as defined below), we are of the opinion that:
(1) | VIE Structure. The ownership structure of the PRC Companies as set forth in the Registration Statement, do not and will not, immediately after giving effect to the Offering, result in any violation of applicable and explicit PRC Laws currently in effect. |
Except as disclosed in the Registration Statement, the execution, delivery and due performance of each VIE Agreement by the parties thereto and the consummation of the transactions contemplated thereunder do not, as to each of the PRC Companies that is a party to such VIE Agreement: (a) result in any violation of the business license, articles of association, or other constitutional documents (if any) of such PRC Company; or (b) result in any violation of applicable and explicit PRC Laws currently in effect.
There are, however, substantial uncertainties regarding the interpretation and application of PRC Laws and future PRC laws and regulations, and there can be no assurance that the Governmental Agencies will take a view that is not contrary to or otherwise different from our opinion stated above.
(2) | Taxation. The statements made in the Registration Statement under the caption “Taxation - PRC Taxation”, with respect to the PRC tax laws and regulations or interpretations, constitute true and accurate descriptions of the matters described therein in all material respects and such statements constitute our opinion. |
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D. | Qualifications |
Our opinions expressed above are subject to the following qualifications (the “Qualifications”):
(1) | Our opinions are limited to PRC Laws of general application on the date hereof. We have made no investigation of, and do not express or imply any views on, the laws of any jurisdiction other than the PRC, and we have assumed that no such other laws would affect our opinions expressed above. |
(2) | PRC Laws referred to herein are laws and regulations publicly available and currently in force on the date hereof and there is no guarantee that any of such laws and regulations, or the interpretation or enforcement thereof, will not be changed, amended or revoked in the future with or without retrospective effect. |
(3) | Our opinions are subject to (i) applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws in the PRC affecting creditors’ rights generally, and (ii) possible judicial or administrative actions or any PRC Laws affecting creditors’ rights. |
(4) | Our opinions are subject to the effects of (i) certain legal or statutory principles affecting the enforceability of contractual rights generally under the concepts of public interests, social ethics, national security, good faith, fair dealing, and applicable statutes of limitation; (ii) any circumstance in connection with the formulation, execution or performance of any legal documents that would be deemed materially mistaken, clearly unconscionable, fraudulent, coercionary or concealing illegal intentions with a lawful form; (iii) judicial discretion with respect to the availability of specific performance, injunctive relief, remedies or defenses, or the calculation of damages; and (iv) the discretion of any competent PRC legislative, administrative or judicial bodies in exercising their authority in the PRC. |
(5) | This opinion is issued based on our understanding of PRC Laws. For matters not explicitly provided under PRC Laws, the interpretation, implementation and application of the specific requirements under PRC Laws, as well as their application to and effect on the legality, binding effect and enforceability of certain contracts, are subject to the final discretion of competent PRC legislative, administrative and judicial authorities. Under PRC Laws, foreign investment is restricted in certain industries. The interpretation and implementation of these laws and regulations, and their application to and effect on the legality, binding effect and enforceability of contracts such as the VIE Agreements and transactions contemplated by the VIE Agreements, are subject to the discretion of the competent Governmental Agency. |
(6) | The term “enforceable” or “enforceability” as used in this opinion means that the obligations assumed by the relevant obligors under the relevant Documents are of a type which the courts of the PRC may enforce. It does not mean that those obligations will necessarily be enforced in all circumstances in accordance with their respective terms and/or additional terms that may be imposed by the courts. As used in this opinion, the expression “to the best of our knowledge after due inquiry” or similar language with reference to matters of fact refers to the current, actual knowledge of the attorneys of this firm who have worked on matters for the Company and the PRC Companies in connection with the Offering and the transactions contemplated thereby. We may rely, as to matters of fact (but not as to legal conclusions), to the extent we deem proper, on certificates, representations and confirmations of responsible officers and employees of the Company, the PRC Companies and Governmental Agencies. |
(7) | We have not undertaken any independent investigation, search or other verification action to determine the existence or absence of any fact or to prepare this opinion, and no inference as to our knowledge of the existence or absence of any fact should be drawn from our representation of the Company or the PRC Companies or the rendering of this opinion. |
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(8) | This opinion is intended to be used in the context which is specifically referred to herein; each paragraph shall be construed as a whole and no part shall be extracted and referred to independently. |
This opinion is strictly limited to the matters stated herein and no opinion is implied or may be inferred beyond the matters expressly stated herein. The opinions expressed herein are rendered only as of the date hereof, and we assume no responsibility to advise you of facts, circumstances, events or developments that hereafter may be brought to our attention and that may alter, affect or modify the opinion expressed herein.
This opinion is delivered solely for the purpose of and in connection with the Registration Statement publicly filed with the U.S. Securities and Exchange Commission on the date of this opinion and may not be used for any other purpose without our prior written consent.
We hereby consent to the use of this opinion in, and the filing hereof as an exhibit to, the Registration Statement, and to the use of our firm’s name under the captions “Risk Factors”, “Corporate History and Structure”, “Enforceability of Civil Liabilities”, “Regulations”, “Taxation - PRC Taxation” and “Legal Matters” in the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the regulations promulgated thereunder.
Yours faithfully, | |
/s/ HAN KUN LAW OFFICES | |
HAN KUN LAW OFFICES |
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Appendix A
List of the PRC Companies
(1) | Zhizhe Sihai (Beijing) Technology Co., Ltd. (智者四海(北京)技术有限公司) (“Zhizhe Sihai”); |
(2) | Beijing Zhihu Network Technology Co., Ltd. (北京知乎网技术有限公司); |
(3) | Zhizhe Sihai (Nanjing) Technology Co., Ltd. (智者四海(南京)技术有限公司); |
(4) | Zhinan Xingyi (Nanjing) Technology Co., Ltd. (知南行易(南京)科技有限公司); |
(5) | Beijing Zhizhe Tianxia Technology Co., Ltd. (北京智者天下科技有限公司) (“Zhizhe Tianxia”); |
(6) | Chengdu Zhizhe Wanjuan Technology Co., Ltd. (成都知者万卷科技有限公司); |
(7) | Zhizhe Information Technology and Service Chengdu Co., Ltd. (知者信息技术服务成都有限公司); |
(8) | Tianjin Zhizhe Wanjuan Culture Co., Ltd. (天津知者万卷文化有限公司); |
(9) | Jingzhun Huinong (Beijing) Network Technology Co., Ltd. (精准惠农(北京)网络科技有限公司); |
(10) | Beijing Leimeng Shengtong Cultural Development Co., Ltd. (北京雷盟盛通文化发展有限公司); |
(11) | Zhizhe Wanjuan (Nanjing) Technology Co., Ltd. (知者万卷(南京)技术有限公司); |
(12) | Zhinan Erjin (Nanjing) Technology Co., Ltd. (知南而进(南京)技术有限公司); |
(13) | Nanjing Zhizhe Tianxia Information Technology Co., Ltd. (南京智者天下信息技术有限公司); |
(14) | Ningbo Zhiwu Technology Co., Ltd. (宁波知物科技有限公司); |
(15) | Nanjing Zhizhu Technology Co., Ltd. (南京知著科技有限公司); |
(16) | Nanjing Zhixin Technology Co., Ltd. (南京知鑫科技有限公司); |
(17) | Nanjing Zhihao Technology Co., Ltd. (南京知皓科技有限公司); |
(18) | Shanghai Pinzhi Education Technology Co., Ltd. (上海品职教育科技有限公司) (“Shanghai Pinzhi”); |
Appendix A
(19) | Shanghai Zhishi Commercial Consulting Co., Ltd. (上海知匙商务咨询有限公司) (“Shanghai Zhishi”); |
(20) | Shanghai Biban Internet Technology Co., Ltd. (上海彼伴网络科技有限公司) (“Shanghai Biban”); |
(21) | Shanghai Paya Information Technology Co., Ltd. (上海杷雅信息科技有限公司) (“Shanghai Paya”); |
(22) | Shanghai Yinzi Information Technology Co., Ltd. (上海茵紫信息科技有限公司); |
(23) | Shanghai Yinqian Information Technology Co., Ltd. (上海茵乾信息科技有限公司); |
(24) | Shanghai Yinxi Information Technology Co., Ltd. (上海茵熙信息科技有限公司); |
(25) | Shanghai Yinjia Information Technology Co., Ltd. (上海茵嘉信息科技有限公司); |
(26) | Shanghai Yinlu Information Technology Co., Ltd. (上海茵露信息科技有限公司); |
(27) | Shanghai Yincheng Information Technology Co., Ltd. (上海茵橙信息科技有限公司); |
(28) | Shanghai Yinhao Information Technology Co., Ltd. (上海茵颢信息科技有限公司); |
(29) | Shanghai Yinzhen Information Technology Co., Ltd. (上海茵臻信息科技有限公司); |
(30) | Shanghai Yinlang Information Technology Co., Ltd. (上海茵朗信息科技有限公司); |
(31) | Shanghai Pa Ya Information Technology Co., Ltd. (上海趴雅信息科技有限公司); and |
(32) | Chongqing Paya Education Technology Co., Ltd. (重庆趴雅教育科技有限公司). |
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Appendix B
VIE Agreements
(1) | The Exclusive Business Cooperation Agreement (独家业务合作协议) entered into by and between Zhizhe Sihai and Zhizhe Tianxia on December 21, 2021; |
(2) | The Exclusive Option Agreement (独家购买权协议) entered into by and among Zhizhe Sihai, Zhizhe Tianxia, and the shareholders of Zhizhe Tianxia on December 21, 2021; |
(3) | The Shareholders’ Rights Entrustment Agreement (股东表决权委托协议) entered into by and among Zhizhe Sihai, Zhizhe Tianxia, and the shareholders of Zhizhe Tianxia on December 21, 2021; |
(4) | The Share Pledge Agreement (股权质押协议) entered into by and among Zhizhe Sihai, Zhizhe Tianxia, and the shareholders of Zhizhe Tianxia on December 21, 2021; |
(5) | The Power of Attorney (授权委托书) issued by the shareholders of Zhizhe Tianxia on December 21, 2021; |
(6) | The Spousal Undertaking Letters (配偶承诺函) duly signed by relevant spouse of the shareholders of Zhizhe Tianxia on December 21, 2021; |
(7) | The Exclusive Technology Development, Consultancy and Services Agreement (独家技术开发、咨询和服务协议) entered into by and between Shanghai Pinzhi and Shanghai Zhishi on September 7, 2021; |
(8) | The Exclusive Option Agreement (独家购买权合同) entered into by and among Shanghai Pinzhi, Shanghai Zhishi and the shareholders of Shanghai Pinzhi on September 7, 2021; |
(9) | The Share Pledge Agreement (股权质押合同) entered into by and among Shanghai Pinzhi, Shanghai Zhishi and the shareholders of Shanghai Pinzhi on September 7, 2021; |
(10) | The Power of Attorney (授权委托书) issued by the shareholders of Shanghai Pinzhi on September 7, 2021; |
(11) | The Consent Letters (同意函) duly signed by relevant spouse of Lingtao Zhang and Sike Li on September 7, 2021; |
(12) | The Exclusive Technology Development, Consultancy and Services Agreement (独家技术开发、咨询和服务协议) entered into by and between Shanghai Biban and Shanghai Paya on November 9, 2021; |
(13) | The Exclusive Option Agreement (独家购买权协议) entered into by and among Shanghai Biban, Shanghai Paya and the shareholders of Shanghai Biban on November 9, 2021; |
Appendix B
(14) | The Share Pledge Agreement (股权质押协议) entered into by and among Shanghai Biban, Shanghai Paya and the shareholders of Shanghai Biban on November 9, 2021; |
(15) | The Power of Attorney (授权委托书) issued by the shareholders of Shanghai Biban on November 9, 2021. |
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation by reference in this Registration Statement on Form F-3 of Zhihu Inc. of our report dated April 8, 2022 relating to the financial statements, which appears in Zhihu Inc’s Annual Report on Form 20-F for the year ended December 31, 2021. We also consent to the reference to us under the heading “Experts” in such Registration Statement.
/s/ PricewaterhouseCoopers Zhong Tian LLP
Beijing, the People’s Republic of China
April 8, 2022
Exhibit 99.1
Date: April 8, 2022
Zhihu Inc.
A5 Xueyuan Road
Haidian District, Beijing 100083
People’s Republic of China
Re: Zhihu Inc.
Ladies and Gentlemen,
We understand that Zhihu Inc. (the “Company”) plans to file a shelf registration statement on Form F-3 (the “Registration Statement”) with the United States Securities and Exchange Commission (the “SEC”) in connection with its proposed public offering (the “Proposed Offering”).
We hereby consent to the references to our name and the inclusion of information, data and statements from our research reports and amendments thereto (collectively, the “Reports”), and any subsequent amendments to the Reports, as well as the citation of our research reports and amendments thereto, in the Registration Statement and any amendments thereto, in any other future filings with the SEC by the Company, including, without limitation, filings on prospectus supplements to the base prospectus included in the Form F-3, annual reports on Form 20-F, current reports on Form 6-K, or other SEC filings (collectively, the “SEC Filings”), on the websites of the Company and its subsidiaries and affiliates, in institutional and retail road shows and other activities in connection with the Proposed Offering, and in other publicity materials in connection with the Proposed Offering.
We further hereby consent to the filing of this letter as an exhibit to the Registration Statement and any amendments thereto and as an exhibit to any other SEC Filings.
Yours faithfully,
For and on behalf of
China Insights Industry Consultancy Limited
/s/ Julia Zhu | |
Name: Julia Zhu | |
Title/Position: Partner |
Exhibit 107.1
Calculation of Filing Fee Table
FORM
F-3
(Form Type)
Zhihu
Inc.
(Exact Name of Registrant as Specified in its Charter)
Newly Registered and Carry Forward Securities
Security Type | Security Class Title | Fee Calculation or Carry Forward Rule | Amount Registered | Proposed Maximum Offering Price Per Unit | Maximum Aggregate Offering Price | Fee Rate | Amount
of Registration Fee | Carry Forward Form Type | Carry Forward File Number | Carry Forward Initial effective date | Filing
Fee Previously Paid In Connection with Unsold Securities to be Carried Forward | |||||||||||||||||||
Newly Registered Securities | ||||||||||||||||||||||||||||||
Fees to Be Paid | Equity | Class A ordinary shares, par value US$0.000125 per share(1)(3) | Rule 457(r) | (2) | (2) | (2) | (2) | (2) | ||||||||||||||||||||||
Fees Previously Paid | — | — | — | — | — | — | — | |||||||||||||||||||||||
Carry Forward Securities | ||||||||||||||||||||||||||||||
Carry Forward Securities | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Total Offering Amounts | (2) | (2) | ||||||||||||||||||||||||||||
Total Fees Previously Paid | — | |||||||||||||||||||||||||||||
Total Fee Offsets | — | |||||||||||||||||||||||||||||
Net Fee Due | (2) |
(1) | Includes securities initially offered and sold outside the United States that may be resold from time to time in the United States either as part of their distribution or within 40 days after the later of the effective date of this registration statement and the date the securities are first bona fide offered to the public. These securities are not being registered for the purposes of sales outside of the United States. |
(2) | An indeterminate aggregate number of securities is being registered as may from time to time be sold at indeterminate prices. In accordance with Rules 456(b) and 457(r), the Registrant is deferring payment of all of the registration fee. |
(3) | American depositary shares issuable upon deposit of the Class A ordinary shares registered hereby have been registered under a separate registration statement on Form F-6 (Registration No. 333-254493). Two American depositary share represent one Class A ordinary share. |
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