ZHIHU-W (02390.HK): To subscribe RMB 1.5 billion for limited partnership interests in an AI-focused private fund, constituting a major transaction
NewTimeSpace News: On 6 September 2026, Zhihu Inc. (stock code: 02390) announced that on 4 September 2026 (after trading hours of the Stock Exchange of Hong Kong), Beijing Zhizhe Tansuo Technology Co., Ltd. (智者探索), its wholly-owned subsidiary, entered into a subscription agreement with the general partner and the fund manager, agreeing to subscribe for limited partnership interests in Tianjin Lisi Xingshen Equity Investment Partnership (Limited Partnership) (the Fund) with a subscribed capital contribution of RMB 1,500,000,000, to be funded by the Group's internal resources.
The Fund, established in May 2026 under a blind-pool structure, will primarily make direct or indirect equity investments in early- and mid-stage unlisted companies in the AI sector that are established in, operate in or have other material connections with the Chinese mainland, with an investment period of four years. The fund manager is Hainan Lisi Private Fund Management Co., Ltd., a RMB-denominated private equity venture capital platform under Monolith Management (砺思资本), registered with the Asset Management Association of China (registration no. P1073165) with assets under management of between RMB 5 billion and RMB 10 billion, focused on AI, advanced computing power, robotics and frontier technologies; Mr. Cao Xi and Ms. He Ziqi ultimately own 99% and 1% of the fund manager, respectively. The Company expects that, immediately following completion of the subscription, its interest in the Fund will not exceed 30%.
Since the highest applicable percentage ratio exceeds 25% but is below 100%, the subscription constitutes a major transaction under the Listing Rules and is subject to reporting, announcement, circular and shareholders' approval requirements; the Company will convene an extraordinary general meeting to consider the subscription, and a circular with further details is expected to be despatched to shareholders on or before 30 September 2026. The Board considers that the Fund's focus on foundation models, AI infrastructure, robotics and AI applications is highly relevant to Zhihu's direction of integrating AI into its community and businesses, and that the subscription broadens the Company's access to investment opportunities in quality AI and technology companies; the subscription is not expected to have a material adverse effect on its daily operations or core business, nor does it represent a change in its principal business or strategic focus.
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