Zhihu plans to use its own funds to subscribe for limited partnership interests in a RMB 1.5 billion industry fund focused on artificial intelligence and frontier technology. The company is expected to hold no more than 30% of the fund following completion of the subscription. The fund will run for seven years, extendable by up to two years, with a four-year investment period. It will target early- to mid-stage unlisted companies in mainland China across foundational models, AI infrastructure, robotics, and AI applications.