Zhihu, a Chinese question-and-answer platform, raised $523 million by offering 55 million ADSs at $9.50, the low end of the range of $9.50 to $11.50. The company raised an additional $250 million in a concurrent private placement to Alibaba, JD.com, Tencent, and Lilith Games.
Zhihu is the largest Q&A-inspired online community and one of the top five comprehensive online content communities in China, both in terms of average mobile MAUs and revenue in 2020. The company generates revenue primarily through advertising, paid membership, and content-commerce solutions.
Zhihu plans to list on the NYSE under the symbol ZH. Credit Suisse, Goldman Sachs (Asia), J.P. Morgan, CICC, CMB International Capital, China Renaissance, CITIC CLSA, Haitong International, Lighthouse Financial, Tiger Brokers and Futu Securities acted as lead managers on the deal.
