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    Unknown Analyst • Kepler Cheuvreux

    Unknown Analyst's questions to ING Groep NV (ING) leadership

    Unknown Analyst's questions to ING Groep NV (ING) leadership • Q4 2024

    Question

    An analyst from Kepler Cheuvreux asked about ING's preference between share buybacks and M&A in 2025 and inquired about plans for Synthetic Risk Transfers (SRTs), including their potential capital impact.

    Answer

    Executive Steven van Rijswijk explained that capital allocation decisions, whether for M&A or buybacks, are compared based on long-term ROE value creation. He confirmed that SRTs are part of the strategy to recycle capital from Wholesale to Retail banking, with the first transaction expected in the second half of 2025, but did not quantify the specific capital impact at this time.

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    Unknown Analyst's questions to Zhihu Inc (ZH) leadership

    Unknown Analyst's questions to Zhihu Inc (ZH) leadership • Q2 2024

    Question

    An analyst from Guangfa Securities questioned what the primary drivers are behind the growth of Zhihu's paying user base and asked for the outlook on the paid membership business segment.

    Answer

    CFO Wang Han identified two core drivers: growth in the number of subscribing members and increases in ARPU. He noted that member growth is being pursued through multiple channels, including the standalone Yanyan Stories app and co-branded memberships. ARPU growth is being driven by enriching membership benefits, such as launching premium tiers with audiobooks and radio dramas.

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