SC 13G/A 1 tm235931d1_sc13ga.htm SC 13G/A

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Schedule 13G

(Rule 13d-102)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13d-1 (b), (c) AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2 (b)

(Amendment No. 1)*

Zhihu Inc.

(Name of Issuer)

Class A Ordinary Shares, par value US$0.000125 per share

(Title of Class of Securities)

98955N108**

(CUSIP Number)

December 31, 2022

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

** The CUSIP Number is for the American Depositary Shares relating to Class A ordinary shares, with each two American Depositary Shares representing one of the Class A ordinary shares.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

(Continued on following pages)

Page 1 of 12 Pages

Exhibit Index Contained on Page 10

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1	NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Entities Only). Innovation Works Development Fund, L.P. (“Innovation I”)
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) ¨ (b) x
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	5	SOLE VOTING POWER. 16,635,560 shares, all of which are directly owned by Innovation I, except that Innovation Works Development Fund GP, L.P. (“Partners I”), the general partner of Innovation I, and Innovation Works Development Fund GP, LLC (“Partners I LLC”), the general partner of Partners I, may be deemed to have sole voting power, and Peter Liu and Kai-Fu Lee, the members of Partners I LLC (the “Members”), may be deemed to have shared voting power with respect to such shares.
	6	SHARED VOTING POWER See response to row 5.
	7	SOLE DISPOSITIVE POWER 16,635,560 shares, all of which are directly owned by Innovation I, except that Partners I and Partners I LLC may be deemed to have sole dispositive power, and the Members may be deemed to have shared dispositive power with respect to such shares.
	8	SHARED DISPOSITIVE POWER See response to row 7.

9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON	16,635,560
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See Instructions)	¨
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)	5.50%¹
12	TYPE OF REPORTING PERSON (See Instructions)	PN

¹ This percentage is calculated based on 302,261,622 shares of Class A ordinary shares, which is the total Class A ordinary shares reported by the Issuer to be outstanding as of December 31, 2022 in its form 6-K filed with the Securities and Exchange Commission on January 9, 2023.

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1	NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Entities Only). Innovation Works Development Fund GP, L.P. (“Partners I”)
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) ¨ (b) x
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	5	SOLE VOTING POWER 16,635,560 shares, all of which are directly owned by Innovation I, except that Partners I and Partners I LLC may be deemed to have sole voting power, and the Members may be deemed to have shared voting power with respect to such shares.
	6	SHARED VOTING POWER See response to row 5.
	7	SOLE DISPOSITIVE POWER. 16,635,560 shares, all of which are directly owned by Innovation I, except that Partners I and Partners I LLC may be deemed to have sole dispositive power, and the Members may be deemed to have shared dispositive power with respect to such shares.
	8	SHARED DISPOSITIVE POWER See response to row 7.

9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON	16,635,560
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See Instructions)	¨
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)	5.50%²
12	TYPE OF REPORTING PERSON (See Instructions)	PN

² This percentage is calculated based on 302,261,622 shares of Class A ordinary shares, which is the total Class A ordinary shares reported by the Issuer to be outstanding as of December 31, 2022 in its form 6-K filed with the Securities and Exchange Commission on January 9, 2023.

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1	NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Entities Only). Innovation Works Development Fund GP, LLC (“Partners I LLC”)
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) ¨ (b) x
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	5	SOLE VOTING POWER. 16,635,560 shares, all of which are directly owned by Innovation I, except that Partners I and Partners I LLC may be deemed to have sole voting power, and the Members may be deemed to have shared voting power with respect to such shares.
	6	SHARED VOTING POWER See response to row 5.
	7	SOLE DISPOSITIVE POWER 16,635,560 shares, all of which are directly owned by Innovation I, except that Partners I and Partners I LLC may be deemed to have sole dispositive power, and the Members may be deemed to have shared dispositive power with respect to such shares.
	8	SHARED DISPOSITIVE POWER See response to row 7.

9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON	16,635,560
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See Instructions)	¨
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)	5.50%³
12	TYPE OF REPORTING PERSON (See Instructions)	OO

³ This percentage is calculated based on 302,261,622 shares of Class A ordinary shares, which is the total Class A ordinary shares reported by the Issuer to be outstanding as of December 31, 2022 in its form 6-K filed with the Securities and Exchange Commission on January 9, 2023.

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1	NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Entities Only). Innovation Works Holdings Limited (“Innovation Ltd”)
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) ¨ (b) x
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	5	SOLE VOTING POWER. 5,652,058 shares, all of which are directly owned by Innovation Ltd, except that Kai-Fu Lee (“Dr. Lee”) may be deemed to have sole voting power with respect to such shares.
	6	SHARED VOTING POWER See response to row 5.
	7	SOLE DISPOSITIVE POWER 5,652,058 shares, all of which are directly owned by Innovation Ltd, except that Dr. Lee may be deemed to have sole dispositive power with respect to such shares.
	8	SHARED DISPOSITIVE POWER See response to row 7.

9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON	5,652,058
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See Instructions)	¨
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)	1.87%⁴
12	TYPE OF REPORTING PERSON (See Instructions)	OO

⁴ This percentage is calculated based on 302,261,622 shares of Class A ordinary shares, which is the total Class A ordinary shares reported by the Issuer to be outstanding as of December 31, 2022 in its form 6-K filed with the Securities and Exchange Commission on January 9, 2023.

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1	NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Entities Only). Peter Liu (“Liu”)
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) ¨ (b) x
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION United States

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	5	SOLE VOTING POWER. 0 shares.
	6	SHARED VOTING POWER 16,635,560 shares, all of which are directly owned by Innovation I, except that Partners I and Partners I LLC may be deemed to have sole voting power, and the Members may be deemed to have shared voting power with respect to such shares.
	7	SOLE DISPOSITIVE POWER. 0 shares.
	8	SHARED DISPOSITIVE POWER. 16,635,560 shares, all of which are directly owned by Innovation I, except that Partners I and Partners I LLC may be deemed to have sole dispositive power, and the Members may be deemed to have shared dispositive power with respect to such shares.

9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON	16,635,560
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See Instructions)	¨
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)	5.50%⁵
12	TYPE OF REPORTING PERSON (See Instructions)	IN

⁵ This percentage is calculated based on 302,261,622 shares of Class A ordinary shares, which is the total Class A ordinary shares reported by the Issuer to be outstanding as of December 31, 2022 in its form 6-K filed with the Securities and Exchange Commission on January 9, 2023.

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1	NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Entities Only). Kai-Fu Lee (“Dr. Lee”)
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) ¨ (b) x
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION Taiwan, China

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	5	SOLE VOTING POWER. 5,652,058 shares, all of which are directly owned by Innovation Ltd, except that Dr. Lee may be deemed to have sole voting power with respect to such shares.
	6	SHARED VOTING POWER 16,635,560 shares, all of which are directly owned by Innovation I, except that Partners I and Partners I LLC may be deemed to have sole voting power, and the Members may be deemed to have shared voting power with respect to such shares.
	7	SOLE DISPOSITIVE POWER. 5,652,058 shares, all of which are directly owned by Innovation Ltd, except that Dr. Lee may be deemed to have sole dispositive power with respect to such shares.
	8	SHARED DISPOSITIVE POWER. 16,635,560 shares, all of which are directly owned by Innovation I, except that Partners I and Partners I LLC may be deemed to have sole dispositive power, and the Members may be deemed to have shared dispositive power with respect to such shares.

9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON	22,287,618
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See Instructions)	¨
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)	7.37%⁶
12	TYPE OF REPORTING PERSON (See Instructions)	IN

⁶ This percentage is calculated based on 302,261,622 shares of Class A ordinary shares, which is the total Class A ordinary shares reported by the Issuer to be outstanding as of December 31, 2022 in its form 6-K filed with the Securities and Exchange Commission on January 9, 2023.

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This Amendment No.1 amends the Statement on Schedule 13G previously filed by (i) Innovation Works Development Fund, L.P., a Cayman Islands limited partnership (“Innovation I”); (ii) Innovation Works Development Fund GP, L.P., a Cayman Islands limited partnership (“Partners I”); (iii) Innovation Works Development Fund GP, LLC, a Cayman Islands limited liability company (“Partners I LLC”); (iv) Innovation Works Holdings Limited, a British Virgin Islands limited company (“Innovation Ltd”); (v) Peter Liu (“Liu”), a citizen of the United States; and (vi) Kai-Fu Lee (“Dr. Lee”), a citizen of Taiwan, China. The foregoing entities and individuals are collectively referred to as the “Reporting Persons.” Only those items as to which there has been a change are included in this Amendment No.1.

ITEM 4.

OWNERSHIP

The following information with respect to the ownership of the Common Stock of the issuer by the persons filing this Statement is provided as of December 31, 2022.

(a)

Amount beneficially owned:

See Row 9 of cover page for each Reporting Person.

(b)

Percent of Class:

See Row 11 of cover page for each Reporting Person.

(c)

Number of shares as to which such person has:

(i)

Sole power to vote or to direct the vote:

See Row 5 of cover page for each Reporting Person.

(ii)

Shared power to vote or to direct the vote:

See Row 6 of cover page for each Reporting Person.

(iii)

Sole power to dispose or to direct the disposition of:

See Row 7 of cover page for each Reporting Person.

(iv)

Shared power to dispose or to direct the disposition of:

See Row 8 of cover page for each Reporting Person.

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SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: February 8, 2023

Entities:	Innovation Works Development Fund, L.P.
	Innovation Works Development Fund GP, L.P.
	Innovation Works Development Fund GP, LLC
	Innovation Works Holdings Limited

		By:	/s/ Cissy Law
			Cissy Law, Attorney-in-fact for
			the above-listed entities

Individuals:	Peter Liu
	Kai-Fu Lee

		By:	/s/ Cissy Law
			Cissy Law, Attorney-in-fact for
			the above-listed individuals

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EXHIBIT INDEX

		Found on Sequentially
Exhibit		Numbered Page

Exhibit A: Agreement of Joint Filing		11

Exhibit B: Power of Attorney		12

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exhibit A

Agreement of Joint Filing

The Reporting Persons hereby agree that a single Schedule 13G (or any amendment thereto) relating to the ordinary shares of Zhihu, Inc. shall be filed on behalf of each of the Reporting Persons. Note that a copy of the applicable Agreement of Joint Filing is already on file with the appropriate agencies.

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exhibit B

POWER OF ATTORNEY

Cissy Law has signed this Schedule 13G as Attorney-in-fact. Note that copies of the applicable Power of Attorney are already on file with the appropriate agencies.

SEC Form SC 13G/A filed by Zhihu Inc. (Amendment)