BEIJING, March 26, 2021 /PRNewswire/ -- Zhihu Inc.
("Zhihu" or the "Company") (NYSE: ZH), an iconic online content
community in China, today
announced that it has priced its initial public offering (the
"IPO") of 55,000,000 American depositary shares ("ADSs"), at
US$9.5 per ADS. The aggregate
offering size of the IPO and the concurrent private placements
described below is US$772.5 million,
assuming the underwriters do not exercise their option to purchase
additional ADSs, and approximately US$850.9
million, assuming the underwriters exercise their option to
purchase additional ADSs in full. Each two ADSs represent one Class
A ordinary share of the Company. The ADSs are expected to begin
trading on the New York Stock Exchange today under the ticker
symbol "ZH." The IPO is expected to close on March 30, 2021, subject to customary closing
conditions.
The Company has granted the underwriters an option, exercisable
for 30 days from the date of the final prospectus, to purchase up
to an aggregate of 8,250,000 additional ADSs at the IPO price, less
underwriting discounts and commissions.
Credit Suisse Securities (USA)
LLC, Goldman Sachs (Asia) L.L.C.
and J.P. Morgan Securities LLC are acting as joint representatives
of underwriters and lead joint bookrunners for the offering
(names in alphabetical order). China International Capital
Corporation Hong Kong Securities Limited, CMB International Capital
Limited, China Renaissance Securities (Hong Kong) Limited, CLSA Limited, Haitong
International Securities Company Limited, and Lighthouse Capital
International Inc. are acting as joint bookrunners for the offering
(names in alphabetical order).
Concurrently with, and subject to, the completion of this
offering, certain investors have agreed to purchase US$250.0 million in Class A ordinary shares from
the Company, including (i) US$100.0
million by Taobao China Holding Limited, an affiliate of
Alibaba Group Holding Limited, (ii) US$100.0
million by Purus Innovation Limited, an affiliate of JD.com,
Inc., (iii) US$30.0 million by Image
Frame Investment (HK) Limited, the Company's shareholder and an
affiliate of Tencent Holding Limited,
and (iv) US$20.0 million by Lilith
Limited, an affiliate of Lilith
Games, in private placement transactions pursuant to
exemptions from registration with the U.S. Securities and Exchange
Commission (the "SEC"), under Regulation S of the Securities Act of
1933, as amended. The concurrent private placements are expected to
close concurrently with the closing of the IPO, subject to
customary closing conditions.
A registration statement related to these securities has been
filed with, and declared effective by, the SEC. This press release
shall not constitute an offer to sell or a solicitation of an offer
to buy these securities, nor shall there be any sale of these
securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
This offering is being made only by means of a prospectus
forming a part of the effective registration statement. A copy of
the final prospectus relating to the offering may be obtained, when
available, by contacting the following underwriters (names in
alphabetical order): (1) Credit Suisse Securities (USA) LLC at Eleven Madison Avenue,
New York, NY 10010, or by
telephone at +1-800-221-1037; (2) Goldman Sachs & Co. LLC at
200 West Street, New York, NY
10282-2198, Attention: Prospectus Department, or by telephone at
1-866-471-2526; (3) J.P. Morgan Securities LLC at 1155 Long Island
Avenue, Edgewood, NY 11717,
Attention: Broadridge Financial Solutions, or by telephone at
1-866-803-9204.
About Zhihu Inc.
Zhihu Inc. (NYSE:ZH) operates Zhihu, an iconic online content
community dedicated to empowering people to share knowledge,
experience, and insights, and to find their own answers. Zhihu
fosters a vibrant online community where users contribute and
engage while respecting diversity and valuing constructiveness by
promoting a culture of sincerity, expertise, and respect developed
through years of cultivation. Zhihu is China's largest Q&A-inspired online
community and one of the top five Chinese comprehensive online
content communities, both in terms of average mobile monthly
average users and revenue in 2020. Zhihu is also recognized as the
most trustworthy online content community and widely regarded as
offering the highest quality content in China, according to a survey conducted by
CIC.
For more information, please visit https://ir.zhihu.com.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Statements that
are not historical facts, including statements about the Company's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties, and a number of factors could cause actual results
to differ materially from those contained in any forward-looking
statement. In some cases, forward-looking statements can be
identified by words or phrases such as "may," "will," "expect,"
"anticipate," "target," "aim," "estimate," "intend," "plan,"
"believe," "potential," "continue," "is/are likely to," or other
similar expressions. Further information regarding these and other
risks, uncertainties or factors is included in the Company's
filings with the SEC. All information provided in this press
release is as of the date of this press release, and the Company
does not undertake any duty to update such information, except as
required under applicable law.
For investor and media inquiries, please contact:
In China:
Zhihu Inc.
Email: ir@zhihu.com
The Piacente Group, Inc.
Helen Wu
Tel: +86-10-6508-0677
Email: zhihu@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Phone: +1-212-481-2050
Email: zhihu@tpg-ir.com
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SOURCE Zhihu Inc.