Zhihu Inc. (ZH) - Dilution Analysis

Visualizing historical and potential share dilution over time

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Dilution Analysis

Low Risk

Limited dilution potential

Last updated: April 17, 2026

Risk Assessment Details

Potential Dilution: 0.0% of current shares

Recent Dilution: 0% (2 years)

Historical Dilution Factor: minimal recent dilution

Outstanding Shares

250M

Potential Supply

Additional shares possible

Splits

None

Past 2 years

Summary

ZH currently has 246M outstanding shares. with minimal authorized share overhang for future dilution. The company has not diluted shareholders through share issuances in the past 2 years, which is positive for existing holders.

Share Structure Timeline

Outstanding Shares

Total Supply

Historical Data Points

Date	Event	Outstanding
Apr 17, 2026	20-F filing \| 246.5M shares outstanding	250M
Apr 15, 2025	20-F filing \| 304.8M shares outstanding	300M
Apr 26, 2024	20-F filing \| 297.4M shares outstanding	300M
Apr 28, 2023	20-F filing \| 279.8M shares outstanding	280M
Apr 08, 2022	20-F filing \| 40.1M shares outstanding	40M
Mar 05, 2021	F-1 filing: This F-1 filing outlines the initial public offering of American Depositary Shares (ADSs) on the New York Stock Exchange under the symbol 'ZH'. The offering includes an option for underwriters to purchase additional ADSs, with net proceeds intended for product development, marketing, research and development, and general corporate purposes. The filing also details lock-up agreements, a directed ADS program, risk factors, and financial data.	240M

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