Yiheng Capital Management, L.P. In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Yiheng Capital Management, L.P. reported 25 stock positions worth $227.1 million . Its top holding was Noah Holdings Ltd.-Spon ADS (NOAH) at 29.5% of the portfolio, followed by Bilibili Inc.-Sponsored ADR (BILI, 11.2% ) and Jd.com Inc.-ADR (JD, 6.6% ). Compared with Q1 2026, it opened 2 new positions, sold out of 1, added to 5 and reduced 4. The biggest buy was Bilibili Inc.-Sponsored ADR (BILI, shares +101% ) and the biggest sale New Oriental Educatio-SP ADR (EDU, shares −100% ).
Location SAN FRANCISCO, CA
CIK 0001447228
Portfolio Value $227.1M (Q2 2026) Holdings 25 stocks · $227.1M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2026 NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD 6,717,351 $67.1M No change BILI Bilibili Inc.-Sponsored ADR 1,489,815 $25.4M Add +101.3% JD Jd.com Inc.-ADR 590,513 $15.0M Add +0.5% HTHT H World Group Ltd.-ADR 323,371 $13.5M No change HNGE Hinge Health Inc. Class A 156,190 $13.0M Reduce -47.4% SVCO Silvaco Group Inc. 906,381 $12.5M Reduce -17.3% RERE Atrenew Inc. 3,163,117 $12.2M No change BILL Bill Holdings Inc. 222,820 $8.1M No change VRDN Viridian Therapeutics Inc. 400,464 $7.4M Add +91.8% KYMR Kymera Therapeutics Inc. 63,440 $7.3M Reduce -13.6% TAL Tal Education Group- ADR filed as TAL ED GROUP 759,240 $7.3M No change JOYY Joyy Inc.-ADR 85,583 $5.6M No change PSIX Power Solutions Internationa 133,500 $5.2M New PONY Pony AI Inc. 653,215 $4.5M No change BIOA Bioage Labs Inc. 170,532 $4.2M New YMM Full Truck Alliance -SPN ADR 513,248 $4.2M No change TCOM Trip.com Group Ltd.-ADR 88,112 $3.5M No change YSG Yatsen Holding Ltd.-ADR 946,193 $3.0M Add +18.6% API Agora Inc.-ADR 725,795 $2.9M No change DBVT DBV Technologies SA-Spon ADR 170,142 $2.8M No change ZEPP Zepp Health Corp.-ADR 220,501 $1.1M Add +281.9% BEAM Beam Therapeutics Inc. 21,126 $725K No change PASG Passage Bio Inc. 86,097 $420K No change TOUR Tuniu Corp.-Spon ADR 31,443 $152K No change EDU New Oriental Educatio-SP ADR 1,636 $75K Reduce -99.6%
Options reported separately and not counted above: EDU calls ($24.6M), JD calls ($21.5M), BILI calls ($10.6M).
Portfolio Sells Q1 2026 → Q2 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▲ EDU New Oriental Educatio-SP ADR Reduce -99.6% 0.03% −9.21 CLBT Cellebrite Di Ltd. Sold out 0.00% −0.27 KYMR Kymera Therapeutics Inc. Reduce -13.6% 3.20% +0.55 HNGE Hinge Health Inc. Class A Reduce -47.4% 5.71% +0.75 SVCO Silvaco Group Inc. Reduce -17.3% 5.50% +2.14
Portfolio Buys Q1 2026 → Q2 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▼ BILI Bilibili Inc.-Sponsored ADR Add +101.3% 11.17% +3.94 PSIX Power Solutions Internationa New 2.29% +2.29 BIOA Bioage Labs Inc. New 1.84% +1.84 VRDN Viridian Therapeutics Inc. Add +91.8% 3.24% +1.47 YSG Yatsen Holding Ltd.-ADR Add +18.6% 1.32% +0.26 ZEPP Zepp Health Corp.-ADR Add +281.9% 0.51% +0.21 JD Jd.com Inc.-ADR Add +0.5% 6.62% −0.91
Options Activity Q1 2026 → Q2 2026 Security Type Change vs Q1 2026 Underlying Shares Value ▼ EDU New Oriental Educatio-SP ADR call New 536,351 $24.6M JD Jd.com Inc.-ADR call New 8,443 $21.5M BILI Bilibili Inc.-Sponsored ADR call New 6,230 $10.6M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 25 $227.1M NOAH, BILI, JD, HTHT, HNGE Q1 2026 24 $230.7M NOAH, EDU, JD, BILI, HTHT Q4 2025 21 $229.3M NOAH, BILI, JD, EDU, HTHT Q3 2025 23 $302.3M NOAH, BILI, EDU, JD, HTHT Q2 2025 20 $276.1M NOAH, BILI, EDU, JD, HTHT Q1 2025 Amended 21 $284.5M NOAH, BILI, EDU, HTHT, JD Q4 2024 19 $451.9M BILI, NOAH, JD, HTHT, EDU Q3 2024 17 $541.5M BILI, NOAH, JD, HTHT, EDU Q2 2024 20 $709.1M BILI, JD, NOAH, HTHT, EDU Q1 2024 19 $696.3M BILI, JD, NOAH, HTHT, EDU