New stock pricing | Zhihu-W received 1x subscription, priced at HK$32.06 per share.

Futu news on April 21, this Thursday$Zhihu-W(02390.HK)$announced that the company issued approximately 26 million shares, priced at HK$32.06 per share, with 100 shares per hand, expected to be listed on April 22.

During the public offering stage, Zhihu received about 1.00 times oversubscription. The final number of shares allocated to the public offering is 2.6 million shares, accounting for approximately 10% of the total shares (before any exercise of oversubscription rights). A total of 4524 valid applications were received, with a 100.00% allotment rate.

In addition, the international offering has received a slight oversubscription, with the final number of shares offered being approximately 23.4 million shares, equivalent to about 90% of the total shares (before any exercise of oversubscription rights). Futu news has compiled the relevant data in the table below:

Regarding the use of proceeds, the company stated in the prospectus that it will not receive any net proceeds from the global offering, and selling shareholders will receive all net proceeds from the global offering.

Zhihu is a leading online content community that went public on NYSE in March 2021, as of the US stock market close on April 20th.$Zhihu (ZH.US)$traded at $1.65 per share, with a total market value of $1.045 billion.

According to Zhuoshi Consultancy, based on the average monthly active users and revenue from mobile devices in 2019, 2020, and 2021, Zhihu is one of the top five comprehensive online content communities in China, as well as the largest online Q&A community in the country.

In the fourth quarter of 2021, the average monthly active mobile users of Zhihu reached 99.6 million, with an average of 0.5 billion monthly page views and an average of 0.39 billion monthly user interactions. As of December 31, 2021, Zhihu has accumulated 55 million content creators, contributing 0.42 billion questions and answers, covering over 1,000 vertical fields.

In terms of financial data, during the historical period, the company achieved significant business growth but incurred net losses and operating cash outflows, mainly due to content-related costs for building a rich content library, sales and marketing expenses for promotions and advertising activities, and research and development expenses to enhance technological infrastructure.

From 2019 to 2021, the company recorded revenue of 0.671 billion yuan, 1.352 billion yuan, and 2.959 billion yuan respectively, with a compound annual growth rate of 110.1%; during the same period, it reported net losses of 1.004 billion yuan, 0.518 billion yuan, and 1.299 billion yuan; adjusted net losses were 0.825 billion yuan, 0.337 billion yuan, and 0.751 billion yuan respectively.

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