In the context of a shareholder meeting Zoom would

In the context of a shareholder meeting Zoom would be fine because it is publicly available anyway. For internal company meetings I think it should be avoided. An outside hacker would have to pull off a man in the middle attack or actively hack computers at either end to grab encryption keys for a Zoom conference. Zoom itself would have access to those keys and could use them to spy and it would not matter where the servers were located.

Zoom is vulnerable to Chinese government pressure and the Chinese government has a history of pressuring companies to aid in their spying efforts. Zoom says it has 700 workers in China. If they were support workers that number would be understandable but Zoom says they're doing research and development which seems like an overly large number given its platform.