FAST NEWS: Zhihu appoints new CFO
The latest: Online Q&A site Zhihu Inc. (ZH.US; 2390.HK) announced Monday that Wang Han has been named as the company’s new CFO. Meanwhile, previous CFO Henry Sha has resigned from that position and will become the company’s chief investment officer.
Looking up: Wang has extensive experience in the investment community from his previous positions at private investment firm Access Industries, and as vice president of Hillhouse Capital and a director of Legend Capital, two leading private equity investors.
Take Note: The change in top management may indicate a realignment of the company’s overall strategy, with Wang responsible for financial planning and management in his new role as CFO, and Sha shifting his focus to investment matters.
Digging Deeper: Zhihu listed in New York in 2021 and in Hong Kong a year later, and is often dubbed the “Quora of China.” The company previously relied on advertising as its primary revenue source, but has more recently tried to find other revenue streams, such as its paid membership business, which provides quality content and subscription services. Following its acquisition of a vocational education businesses and provision of its own online courses, the company has also built up a newer vocational training segment, whose revenue surged 142% to 396 million yuan ($55 million) in the first three quarters of 2023.
Market Reaction: Zhihu’s Hong Kong shares fell in early Tuesday trade, closing down 1.5% at HK$11.98 by the midday break. The stock now trades near the lower end of its 52-week range.
Translation by A. Au
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